Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies

Oil prices increased significantly on Wednesday due to declining U.S. crude inventories. OPEC+ is expected to halt output increases starting in October, supporting prices. Shrinking U.S. crude inventories contributed to the price surge in early trade. Gasoline and distillate inventories saw modest increases during the same period. Market participants await official U.S. inventory data later today.