• Tuesday, Sep 29, 2020
  • Last Update : 10:38 am

Oil prices bolstered by bigger-than-expected drop in US crude stocks

  • Published at 09:35 am August 12th, 2020
Oil price
File photo: Pump jacks operate at sunset in Midland, Texas US February 11, 2019 Reuters

West Texas Intermediate oil was up 9 cents, or 0.2%, at $41.70 a barrel, having dropped 0.8% in the previous session 

Oil prices moved higher on Wednesday after an industry report showed that US 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. 

Brent crude LCOc1 was up 15 cents, or 0.3%, at $44.65 a barrel by 0206 GMT, after falling around 1% on Tuesday. 

West Texas Intermediate oil was up 9 cents, or 0.2%, at $41.70 a barrel, having dropped 0.8% in the previous session. 


Also read - Oil prices back on the rise on US stimulus hopes, Iraq output cut


“Oil prices are rising as the crude demand outlook improves,” said Edward Moya, senior market analyst at Oanda. 

The American Petroleum Institute said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of a 2.9 million-barrel draw. Official government data is due on Wednesday. 

Still, growing uncertainty over a stalemate in Washington in talks for a stimulus package to support recovery from the deepest impact of the pandemic may weigh on prices looking ahead. 

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