Oil prices rose Wednesday on a large drain in U.S. oil inventories and a slight improvement in economic growth in China.
Benchmark U.S. crude for August delivery rose $1.24 to close at $101.20 a barrel on the New York Mercantile Exchange. On Tuesday, the Nymex contract dipped below $100 per barrel for the first time since May.
Brent crude, a benchmark for international oils used by many U.S. refineries, fell 17 cents to $105.85 on the ICE exchange in London on the last day for the August contract. Brent crude for September delivery rose 29 cents to close at $107.17 a barrel.