Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere.<\/p>\n
Brent crude futures were up by 14 cents, or 0.3%, at $43.36 a barrel by 0326 GMT, after dropping 0.4% on Tuesday.<\/p>\n
US West Texas Intermediate crude futures gained 2 cents, or 0.1%, to $41.06 a barrel, having dropped 1.4% in the previous session.<\/p>\n
Inventories of crude oil in the US dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.<\/p>\n
Analysts’ expectations were for an increase of 357,000 barrels. US government data is due Wednesday.<\/p>\n
“This should temporarily alleviate some concerns about ongoing demand distress,” Stephen Innes, chief global markets strategist at AxiCorp said in a note.<\/p>\n
The raging Covid-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market as record numbers of infections are reported globally, including the US, the world’s biggest consumer of oil.<\/p>\n
Four US states reported one-day records for coronavirus deaths on Tuesday and cases in Texas passed the 400,000 mark.<\/p>\n
Attempts to provide relief amid the outbreak were in disarray as Republicans in the US disagreed over their own plan for providing $1 trillion in new coronavirus aid on Tuesday.<\/p>\n
In Hong Kong, the government on Wednesday warned the city is on the edge of a large-scale coronavirus outbreak and urged people to stay indoors as much as possible.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere. Brent crude futures were up by 14 cents, or 0.3%, at $43.36 a barrel by 0326 GMT, after dropping 0.4% on Tuesday. US West Texas Intermediate crude futures gained 2 cents, or 0.1%, to $41.06 a barrel, having dropped 1.4% in the previous session. Inventories of crude oil in the US dropped by 6.8 million barrels last week to 531 million barrels, data from […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-365420","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/365420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=365420"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/365420\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=365420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=365420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=365420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}