Tokyo — Oil prices rose on Wednesday, with US crude gaining for a seventh day, after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the pandemic.
Both benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world and billions of people went into lockdowns to prevent a pandemic that is now in a deadlier second wave. “US shale producers’ response to the rally in oil represents the most significant near-term supply risk for oil,” said Stephen Innes, chief global market strategist at Axi.
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Oil extends gains as Opec+ sticks to output cuts and US stocks fallOpec+ expects the oil market deficit to be in place throughout 2021
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