Oil holds near five-month high on U.S. output cuts, virus concern weighs
LONDON: Oil edged up towards $46 a barrel on Wednesday, close to its highest since March, lifted by U.S. producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in U.S. crude inventories.
Renewed worries over the Covid-19 pandemic, which has squeezed demand and sent prices to record lows in April, limited gains after reports this week of patients being re-infected, raising concerns about future immunity.
