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Oil edges higher after unexpected fall in US stocks

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Data showing drop in crude inventories gives the market a boost amid record increases of coronavirus infections

An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China. Picture: REUTERS/STRINGER/CHINA OUT

Brent crude futures were up by 14c, or 0.3%, at $43.36 a barrel by 3.26am GMT, after dropping 0.4% on Tuesday. 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.“This should temporarily alleviate some concerns about ongoing demand distress,” Stephen Innes, chief global markets strategist at AxiCorp said in a note.

Four US states reported one-day records for coronavirus deaths on Tuesday and cases in Texas passed the 400,000 mark.

 

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