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

📆 12/08/2020 08:10:00
📰 ChannelNewsAsia

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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.

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