Oil prices rise after sharp drop in US crude stock, focus on OPEC meeting

Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.

Brent crude futures were up 10 cents, or 0.2%, at $43 a barrel as of 0049 GMT, and U.S. West Texas Intermediate (WTI) crudefutures rose 14 cents, or 0.4%, to $40.43 a barrel.

In a sign of improving demand despite the coronavirus pandemic, U.S. 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.