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Oil gains after stockpile draw amid hopes for coronavirus vaccine

Published 11/11/2020, 03:47
Updated 11/11/2020, 03:48
© Reuters.
LCO
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CL
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TOKYO, Nov 11 (Reuters) - Oil futures rose on Wednesday
after an industry report showed that U.S. crude inventories fell
by more than expected as prices continued to be supported by
news of successful trials of a vaccine for coronavirus.
Brent crude LCOc1 was up 31 cents, or 0.7%, at $43.92 a
barrel by 0213 GMT, while U.S. oil CLc1 gained 36 cents, or
0.9%, to $41.72 a barrel.
Crude stockpiles fell by 5.1 million barrels last week to
about 482 million barrels, industry group data showed on
Tuesday, compared with analysts' expectations in a Reuters poll
for a reduction of 913,000 barrels. API/S
"Defying analysts' expectations again, the American
Petroleum Institute (API) reported on Tuesday a significant
'draw' in crude oil inventories," said Stephen Innes, chief
market strategist at AXI.
Gasoline inventories dropped by 3.3 million barrels, the API
data showed, against expectations for a draw of 263,000 barrels
in a Reuters poll.
Distillate fuel stocks, which include diesel and heating
oil, were down by 5.6 million barrels versus expectations for a
draw of 1.9 million barrels.
Oil prices also "continue to revel on the back of Pfizer's
vaccine announcement," Innes said.
Brent gained nearly 3% on Tuesday, with U.S. oil rising by a
similar amount after initial trials data showed the experimental
COVID-19 vaccine being developed by Pfizer Inc PFE.N and
Germany's BioNTech 22UAy.DE was 90% effective. Both Brent and U.S. oil prices are up more than 10% this
week.

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