Oil up on global economic recovery, but high U.S. gasoline stocks weigh
Global benchmark Brent crude inched higher on Wednesday on improving global economic outlook, but U.S. crude fell on rising gasoline inventories amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.
Brent crude futures rose 42 cents, or 0.67%, to $63.16 a barrel while U.S. West Texas Intermediate crude settled 44 cents, or 0.7%, higher at $59.77 per barrel.
U.S. crude stocks fell 3.5 million barrels last week, but gasoline inventories jumped 4 million barrels, the Energy Information Administration said, compared with expectations in a Reuters poll for a 221,000-barrel gasoline drop.
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