Oil prices rose on Wednesday after the latest API data showed crude inventories in the US fell by 2.5 million barrels last week. The drawdown came before the Colonial Pipeline was hit by a cyberattack last Friday which forced the pipeline, which transports more than 2.5 million barrels a day of fuel, to shut down. The operator said it hopes to restart a large portion of the network by the end of the week. Adding to the bullish tone, OPEC said it expects demand to rise by 5.95 million bpd this year, unchanged from its forecast last month. However, the cartel cut its demand outlook for Q2 by 300,000 bpd, amid surging COVID-19 cases in India. Traders now look forward to weekly inventory reports by the EIA later in the day. At around 06:45 AM GMT, WTI crude added 0.4% to $65.54 a barrel. Brent oil also went up 0.4% to $68.82 a barrel.
