Oil gains as drop in stockpiles offsets rise in US Covid-19 cases
US crude inventories fell 7.2-million barrels from a record high last week, with US Covid-19 cases rising by nearly 50,000 in just one day
02 July 2020 - 11:58
London — Oil prices rose on Thursday as a sharp drop in oil stockpiles outweighed concerns that a spike in US coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand.
Brent crude futures were up 21c or 0.5% at $42.24 a barrel by 11.14am GMT, after rising 1.8% in the previous session. US West Texas Intermediate (WTI) crude futures rose 20c, or 0.5%, to $40.02 a barrel, adding to a 1.4% rise on Wednesday...
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