Oil rises as US oil stockpiles drop, new Chinese COVID-19 cases decline
MELBOURNE: 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.
U.S. West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2%, to $52.71 a barrel at 0229 GMT, reversing some of Tuesday’s loss.
Brent crude futures climbed 11 cents, or 0.2%, to $56.02 a barrel, adding to a small gain on Tuesday.
