Oil edges up after sharp U.S. crude inventory drop
30 Jul 2020 | Economic News
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Oil edges up after sharp U.S. crude inventory drop
Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check.
Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.
U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, the largest drawdown since December.
Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.
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