Oil rises as US oil stockpiles drop as Covid-19 cases decline in China
SINGAPORE (Reuters) – Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world’s second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand.
Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel at 0452 GMT, adding to a small gain on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel, reversing Tuesday’s loss.
“WTI is slightly firmer on the back of a larger-than-expected draw in US crude inventories reported by the API, which is offset by builds in gasoline and distillates,” said Vandana Hari, oil market analyst at Vanda Insights.
