News Formal

Oil prices bolstered by bigger-than-expected drop in US crude stocks

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected, ...

Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.

Brent crude was up 15 cents, or 0.3per cent, at US$44.65 a barrel by 0206 GMT, after falling around 1per cent on Tuesday.West Texas Intermediate oil was up 9 cents, or 0.2per cent, at US$41.70 a barrel, having dropped 0.8per cent in the previous session.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US refiners' biofuel bills soar in oil market slumpU.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »