Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters:
Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. EDT (1502 GMT), after falling around 1% on Tuesday.
West Texas Intermediate CLc1 oil was up $1.00, or 2.5%, at $42.61 a barrel, having dropped 0.8% in the previous session.
U.S. crude oil, gasoline and distillate inventories fell last week as crude production dropped sharply and refiners ramped up production, the Energy Information Administration said on Wednesday.
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