Oil up on lower U.S. stocks, firmer demand - Reuters

Oil up on lower U.S. stocks, firmer demand - Reuters:

Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Brent crude futures LCoc1 were up $1.33, or 3.84%, at $35.98 per barrel at 1348 GMT.

U.S. West Texas Intermediate (WTI) July crude futures CLc1 were up $1.17, or 3.66%, at $33.13 a barrel. 


The WTI June contract expired on Tuesday at $32.50 a barrel, up 2.1%, avoiding the chaos of last month’s May expiry, when prices sank well below zero.