Oil prices rise over 1% after US crude, fuel stockpiles draw down
Oil rose more than 1% on Wednesday, supported by US government data that showed crude and fuel inventories dropped last week, although concerns about the ongoing coronavirus pandemic capped gains.
Brent crude rose 53 cents, or 1.3%, to $42.25 a barrel by 10:54 a.m. EDT (1454 GMT). US West Texas Intermediate crude gained 55 cents, or 1.4%, to $40.35 a barrel.
US crude, gasoline and distillate inventories all fell last week, Energy Information Administration data showed.
Crude inventories fell by 1.6 million barrels, less than forecast; gasoline stocks dropped more than expected, sliding by 4 million barrels; while distillate stockpiles posted a surprise drawdown of 3.4 million barrels.
