Oil rises on renewed gasoline demand, weak dollar | Reuters
Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets.
Brent crude futures settled up $1.09, or 1.1%, to $97.40 a barrel, while U.S. West Texas Intermediate crude futures gained $1.43, or 1.6%, to $91.93.
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels.
However, U.S. gasoline stocks fell sharply as implied demand rose after weeks of lackluster activity during what is supposed to be peak summer driving season.
"Everyone has been very much focused on potential demand destruction, so seeing implied demand showing an outsized rebound for last week has probably given some comfort to those really concerned about that," said Matt Smith, lead oil analyst for the Americas at Kpler.
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