Oil is traded above $71 per barrel amid growing tightness of the market, Bloomberg reports. US inventories are falling fifth week in a row, while US sanctions against Iran threaten global supply.

Futures gained 1% after they closed at highest level since July 10th on Wednesday. Data showed that US inventories fell to the lowest level since February 2015. Stocks in Cushing are falling for second week. Such situation is observed amid growing oil export from the country. Volumes increased for a second week and were 2,37 million barrels a day.

Due to sanctions threat oil price grew more than 8% from low level of August.

WTI oil with October delivery grew to $71,81 per barrel. Brent oil is traded for $79,72 per barrel. Shanghai futures increased by 1,5% to 536,7 per barrel.