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Oil prices bolstered by bigger-than-expected drop in U.S. crude stocks

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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, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.

FILE PHOTO: Pump jacks operate at sunset in Midland, Texas U.S. February 11, 2019. REUTERS/Nick Oxford

Brent crude LCOc1 was up 15 cents, or 0.3%, at $44.65 a barrel by 0206 GMT, after falling around 1% on Tuesday. “Oil prices are rising as the crude demand outlook improves,” said Edward Moya, senior market analyst at OANDA.

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