Oil price rises 2% after draw in US oil stocks spurs demand hope

Brent crude settled up 93 cents, or 2.1%, at US$45.43 a barrel. West Texas Intermediate oil ended $1.06, or 2.6%, higher at $42.67 a barrel, having dropped 0.8% in the previous session.(File pic shows oil storage tanks, Philips Linden New Jersey. - reuters)

NEW YORK: Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world's biggest economy will withstand the coronavirus pandemic.

Brent crude settled up 93 cents, or 2.1%, at US$45.43 a barrel. West Texas Intermediate oil ended $1.06, or 2.6%, higher at $42.67 a barrel, having dropped 0.8% in the previous session.