Brent crude settled up US$1.10, or 3.2%, at $35.75 per barrel while July U.S. crude futures ended up $1.53, or 4.8%, at $33.49. U.S. crude inventories fell by 5 million barrels last week, Energy Information Administration data showed, while stocks at the Cushing, Oklahoma, (pic) delivery hub dropped by 5.6 million barrels.
NEW YORK: Oil prices rallied on Wednesday after U.S. crude inventories fell in the most recent week, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins.
Oil futures have staged a recovery from recent weakness as production has declined more swiftly than expected, reducing the supply glut that caused storage to fill.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
