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Oil rises amid expectations of a drop in US stocks
Follow - up / ... Oil prices rallied in early trading session Wednesday, amid expectations of low US crude inventories more than expected, as well as Washington urged its allies to stop their imports of Iranian oil.
The US Petroleum Institute announced on Tuesday its forecast for US oil inventories to fall by 9.2 million barrels in the week ending June 22, while analysts' forecasts were down by 2.3 million barrels.
The official reading of US stockpiles data is expected later on Wednesday by the US Energy Information Administration.
Brent crude for August delivery rose 0.45 percent, or 34 cents, to $ 76.65 a barrel by 0440 GMT.
US crude futures for August delivery rose 0.35 percent, or 25 cents, to $ 70.78 a barrel.
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