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Crude oil futures rose more than 2% to trade around $42.3 a barrel on Wednesday, its highest level in over two months, after the API reported a larger-than-expected draw in US crude oil inventories last week.
Prices were already rising as hopes of a coronavirus vaccine offset worries about near term fuel demand.
At the same time, comments from Saudi Arabia’s energy minister, who said that OPEC+ could tweak their supply cut pact if demand slumps before the vaccine is available supported prices. Traders now await for the EIA report due later in the day.
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