Oil price rises for third day

Oil rose for a third straight day on Wednesday as investor concern eased about US interest rate hikes and an industry report pointed to a drop in US crude inventories.

Comments from US Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar.

A weaker dollar makes oil cheaper for other currency holders.

"It would appear traders had become a little more defensive on the expectation of a hawkish shift but Powell refrained from taking the leap," said Craig Erlam, senior market analyst at brokerage OANDA.

Brent crude rose 41 cents, or 0.5 per cent, to $84.10 a barrel by 1311 GMT. US West Texas Intermediate (WTI) crude climbed 48 cents, or 0.6 per cent, to $77.62.