Crude oil

Crude Oil Price Rebounds as U.S. Inventories Drop

Crude oil futures rose over 0.6% to trade around $40.2 a barrel on Thursday, as data from the EIA showed crude oil inventories in the US dropped for the second consecutive week.

The latest report from the EIA showed US crude oil stockpiles fell by 1,001 million barrels in the week ended October 16th.

However, the gains were capped by mounting worries over fuel demand recovery as the number of coronavirus infections continue to rise worldwide.

At the same time, supply concerns weighed on sentiment as Libyan oil exports are quickly accelerating into October as loading restarts following the easing of a blockade by eastern forces.

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