Brent and WTI are both up but increasing coronavirus cases, particularly in the Americas, are likely to dampen demand
London — Oil prices rose on Wednesday after a surprise drop in US crude inventories, but demand concerns amid record increases in Covid-19 infections in some US states capped gains.
Inventories of crude oil in the US dropped by 6.8-million barrels last week to 531-million barrels, data from industry group the American Petroleum Institute showed on Tuesday. Analysts’ expectations in a Reuters poll were for an increase of 357,000 barrels. US government data is due later on Wednesday.
The pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market as record numbers of coronavirus infections are reported globally, including in the US, the world’s biggest consumer of oil. Six US states reported one-day records for Covid-19 deaths on Tuesday and cases in Texas passed the 400,000 mark.
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