Oil rises as US stocks fall building hopes of fuel-demand uptick
The EIA expects US crude production to fall by 990,000 bpd this year, steeper than the 600,000 bpd decline it forecast last month
12 August 2020 - 13:47
London — Oil prices rose on Wednesday after an industry report showed US crude inventories fell last week, more than analysts had expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic.
Brent crude was up 67c, or 1.5%, at $45.17 a barrel by 10.12am GMT, after falling about 1% on Tuesday. US West Texas Intermediate (WTI) was up 65c, or 1.6%, at $42.26 a barrel, having dropped 0.8% in the previous session...
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