US drawdowns and output cuts have helped allay storage pressures
Tokyo — Oil prices advanced on Thursday as a drawdown of US crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the Covid-19 pandemic capped gains.
US crude inventories fell by 5-million barrels last week, against expectations in a Reuters poll for a 1.2-million-barrel rise, Energy Information Administration data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6-million barrels. Opec itself is encouraged by the rally in prices and strong adherence to output cut pledges, its secretary-general said, though sources say the group has not ruled out further steps to support the market.
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