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Oil rises on lower US stocks, firmer demand

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[NEW YORK] Oil prices rallied on Wednesday after US crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins. Read more at The Business Times.

"We need to see more signs that rebalancing is taking place, primarily through more demand," said Gene McGillian, director of market research at Tradition Energy.

Production in North Dakota has already fallen more than half a million barrels per day and has, along with cuts in Texas and elsewhere, helped support prices. US petrol and distillate inventories rose last week, data showed, as demand slipped. Weak crude refining profits could delay a recovery in demand.

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