Oil rises towards $46 on U.S. inventory drop, economy hopes
LONDON: Oil NSE 0.26 % rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of an economic recovery from the coronavirus pandemic.
U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast. Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky.
