Oil climbs on U.S. stock draw but gains capped as OPEC+ set to ease cuts - Reuters

Oil climbs on U.S. stock draw but gains capped as OPEC+ set to ease cuts - Reuters:

Oil prices rose 1% on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic. 

Brent crude was up 64 cents, or 1.5%, at $43.54 a barrel at 10:59 a.m. ET (1459 GMT), and U.S. West Texas Intermediate (WTI) crude rose 53 cents, or 1.3%, to $40.82 a barrel.

Prices were boosted after data from the Energy Information Administration showed U.S. crude inventories fell 7.5 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 2.1 million-barrel drop.