Oil prices rise after big drop in U.S. crude stocks

LONDON : Oil prices firmed on Wednesday after data showed a big drop in U.S. crude inventories, although concerns mounting coronavirus infections will lead to reduced fuel demand capped gains.

Brent crude was up 44 cents, or 1%, at $44.87 a barrel by 0810 GMT, while West Texas Intermediate oil rose 43 cents, or 1%, to $42.13 a barrel.

U.S. crude inventories fell 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts’ expectations for a 3 million barrel drop, the American Petroleum Institute found.