Oil rises toward 5-month high on shrinking US stockpiles
Oil climbed to near a five-month high after an industry report pointed to a third straight weekly drop in American crude stockpiles.
Futures in New York rose past $42 a barrel after losing 0.8% Tuesday. The American Petroleum Institute reported inventories fell by 4.01 million barrels last week, according to people familiar with the data.
The improving picture in the US overshadowed anxiety over the still-surging coronavirus. India’s oil product consumption was still down 12% compared to a year earlier in July, as the nation continues to grapple with the virus, while New Zealand’s largest city went back into lockdown.
