Oil extends gains despite rise in US inventories
LONDON: Oil prices rose on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due to rising COVID-19 infections.
Brent crude futures gained 97 cents, or 1.4%, to $70.32 a barrel at 1136 GMT, having hit a session low of $68.63 a barrel.
US West Texas Intermediate (WTI) crude futures rose by 87 cents, or 1.3%, to $68.07 a barrel, after falling to $66.44 a barrel earlier on Wednesday.
Both contracts rose by more the $1 on Wednesday.
“Oil … is appearing to have found support as risk appetite increases once again,” Ricardo Evangelista, ActivTrades analyst said.
