London: Oil prices rose more than $3 a barrel on Wednesday, while US crude inventories shrank. Brent futures increased by $3.30, or 3.9 percent, reaching $87.39 a barrel by 0300 GMT. Concurrently, US West Texas Intermediate (WTI) crude saw an increase of $3.05, or 3.8 percent, climbing to $82.31 a barrel.

According to Emirates News Agency, US crude inventories fell by approximately 3.3 million barrels in the week ending July 24. This decline in inventories is a significant factor contributing to the surge in oil prices observed in the market.