Oil rises about 2% as higher US refinery rates offsets surprise crude build

US crude inventories rose 7.9 million barrels last week, exceeding expectations, due to a big increase in imports from Saudi Arabia, the Energy Information Administration (EIA) says

Oil futures rose about 2% on Thursday as a steady improvement in US refining activity offset a surprise build in crude and diesel inventories and on worries that China's new Hong Kong security law could result in trade sanctions.

Brent for July rose 55 cents, or 1.6%, to settle at $35.29 a barrel on its second to last day as the front-month. U.S. West Texas Intermediate (WTI) crude rose 90 cents, or 2.7%, to settle at $33.71.

That move in US crude narrowed Brent's premium over WTI to its lowest since mid-April.

US crude inventories rose 7.9 million barrels last