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Oil edges up as US crude stocks fall, Iran sanctions weigh
A weaker US dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.
Oil prices rose on Wednesday, supported by a drop in US crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to US sanctions.
Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel.
US crude inventories fell by 5.2 million barrels in the week to August 17, to 405.6 million barrels, ahead of analysts' forecasts for a fall of 1.5 million barrels, according to data from industry group the American Petroleum Institute.
The US dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 percent the previous day, weighed by US President Trump's comments on monetary policy.
A weaker US dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.
Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand growth could weaken amid a trade dispute between the United States and China, the world's two biggest economies.
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