Oil settles higher on improving U.S. gasoline demand - Reuters

Oil settles higher on improving U.S. gasoline demand - Reuters:

Oil prices settled higher on Wednesday as U.S. gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections.

Brent crude futures settled up 21 cents at $43.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 28 cents to settle at $40.90 barrel.

Both benchmarks were on track for a fourth session of daily percentage changes of less 1% in either direction, shrugging off news that OPEC member Libya was adding to global supplies by reopening its Es Sider oil terminal for exports.

U.S. gasoline inventories tumbled by 4.8 million barrels as demand climbed to 8.8 million barrels per day, the highest since March 20, according to data from the Energy Information Administration released Wednesday.