a pump jack operates in front of a drilling rig at sunset in an oil field in midland texas us august 22 2018 reutersnick oxford melbourne nov 10 reuters  oil prices rose on wednesday extending strong gains in the previous session after industry data showed us crude stocks unexpectedly fell last week just as near term travel demand picked up with pandemic curbs easing us west texas intermediate wti crude futures rose 23 cents or 03 to 8438 a barrel at 0132 gmt adding to a 27 gain on tuesday brent crude futures jumped 36 cents or 04 to 8514 a barrel after rising 16 on tuesday tightening global oil inventories have supported strong crude prices during the past several months and the latest data from the american petroleum institute reinforced the view that supply remains constrained according to market sources api data showed us crude stocks declined by 25 million barrels for the week to nov 5 defying analysts estimates for a 21 million build in crude stocks in a reuters poll the market will be awaiting weekly inventory data from the us energy information administration eia on wednesday to see whether it confirms the drawdown in crude stocks further underpinning the view the market remains tight trading giant vitol groups ceo russell hardy said on tuesday that oil demand had returned to prepandemic levels and that the first quarter of 2022 could see demand exceed 2019 levels read more the possibility of a spike to 100 per barrel is clearly there hardy told the reuters commodities summit market gains on tuesday were mainly driven by a shortterm outlook from the eia which projected gasoline prices would fall over the next few months that was a key factor us president joe biden had been watching to determine whether to release oil from the strategic petroleum reserve amid concern over recent soaring gasoline prices read more the eia report  does curb concerns that the us will release oil from its strategic petroleum reserve spr commonwealth bank analyst vivek dhar said in a note