Oil prices increased today due to declining US crude inventories, coupled with an uptick in refinery intake and heightened Chinese imports last month. These factors bolstered demand projections for the world’s top two crude-consuming nations.

The Brent Crude Oil futures was up by 0.89 per cent to trade at 84 dollar and 32 cents, whereas West Texas Intermediate was higher by one per cent at 79 dollar and 78 cents when reports last came in.