NEW YORK: Oil prices rose 1 per cent on Wednesday, supported by a sharp drop in US crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic.
Brent crude was up 64 cents, or 1.5 per cent, at $43.54 a barrel at 10:59 a.m. ET (1459 GMT), and US West Texas Intermediate (WTI) crude rose 53 cents, or 1.3 per cent, to $40.82 a barrel.
