OIL & GAS

Oil gains after big U.S. drawdown; eyes on OPEC committee meeting

Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies.

Brent crude LCOc1 futures were up 22 cents, or 0.5%, at $43.12 a barrel as of 0640 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 23 cents, or 0.6%, to $40.52 a barrel.

Reflecting a recovery in fuel demand despite the coronavirus pandemic, U.S. crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels, according to data from industry group the American Petroleum Institute.

Source
Reuters
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