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Oil prices bolstered by bigger-than-expected drop in U.S. crude stocks

Published 12/08/2020, 03:40
Updated 12/08/2020, 03:42
© Reuters.
LCO
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TOKYO, Aug 12 (Reuters) - Oil prices moved higher on
Wednesday after an industry report showed that U.S. 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.
"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. EIA/S API/S
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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