08:47 AM EDT, 07/24/2024 (MT Newswires) -- Oil prices rose off a six-week low early on Wednesday after a report showed a fourth-straight weekly drop in U.S. oil inventories.

West Texas Intermediate crude oil for September delivery was last seen up US$0.84 to US$77.80 per barrel, while September Brent crude, the global benchmark, was up US$0.72 to US$81.73.

The rise comes after the American Petroleum Institute's weekly survey of U.S. oil inventories on Tuesday showed U.S. stocks fell by 3.9-million barrels last week, ahead of the consensus estimate that called for a drop of 2.47-million barrels, according to Investing.com. The Energy Information Administration will release official data later on Wednesday morning.

The draw on inventories offered support for the commodity, which fell to a six-week low on Tuesday as summer demand remains light and China's economy struggles. OPEC+'s 2.2-million barrels per day of voluntary production cuts, slated to remain in place until October, are bolstering prices but there are few signs a bullish run higher is in the offing.

"The weakening of the WTI and Brent structure in the last 3-4 days might be an admission from refiners that the summer leap in consumption is simply not taking place," PVM Oil Associates noted.