Wednesday, 12 August 2020

Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters

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 settled up 93 cents, or 2.1%, at $45.43 a barrel. West Texas Intermediate CLc1 oil ended $1.06, or 2.6%, higher at $42.67 a barrel, having dropped 0.8% in the previous session.

U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed.

U.S. fuel demand rose to 19.37 million barrels per day last week, the highest since March, data from the Energy Information Administration showed.

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