Oil gains more than 1% on fuel demand optimism | Reuters
Crude prices rose more than 1% on Wednesday, after U.S. distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world's top oil consumer.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and its allies, on Tuesday decided to stick to plans for a phased easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recovery. read more
"The market is supported by the general belief that the COVID endgame is in sight," said Tamas Varga, analyst at PVM Oil associates.
Brent crude futures gained 85 cents, or 1.3%, to settle at $67.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 92 cents, or 1.5%, to settle at $63.86 a barrel.
U.S. crude inventories (USOILC=ECI) rose by 90,000 barrels last week, the Energy Information Administration said, much smaller than analysts' forecasts for a 659,000-barrel build.
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