Oil extended gains above $70 a barrel after an industry report pointed to another draw in U.S. crude stockpiles, reinforcing optimism around the demand recovery.
Futures in New York rose 0.4% after settling above the threshold on Tuesday for the first time since October 2018. The American Petroleum Institute reported crude inventories declined by 2.11 million barrels last week, according to people familiar with the data. The market for Middle Eastern crude is also showing signs of strength, adding to the positive outlook.
The robust rebound has been underpinned by a demand recovery in the U.S., China and Europe, and there are signs the Covid-19 resurgence in Asia may be easing. The U.S.
