Oil prices edge higher as US oil inventories fall | Reuters

Oil prices edge higher as US oil inventories fall | Reuters

Oil prices rose on Wednesday, after government data showed U.S. crude and fuel inventories fell last week, offsetting concerns that rising coronavirus cases might reduce demand.

Brent crude rose 29 cents to settle at $79.23 a barrel. U.S. West Texas Intermediate (WTI) crude rose 58 cents to settle at $76.56 a barrel.

In the United States, the average number of daily confirmed coronavirus cases hit a record high of 258,312 over the last seven days, a Reuters tally on Wednesday found. read more

Both oil futures contracts earlier traded at their highest in a month after U.S. government data showed lower oil inventories.