Oil prices rose on Wednesday following a sharp drop in US crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies.
Brent crude futures were up 19 cents, or 0.4%, at $43.09 a barrel as of 0343 GMT, and US West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.4%, to $40.46 a barrel.
Reflecting a recovery in fuel demand despite the coronavirus pandemic, US crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels, according to data from industry group the American Petroleum Institute.
