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Oil Prices Increase as U.S. Inventories Fall by 9.5mn/barrels

Oil prices rose sharply on Wednesday, extending its previous session’s gains, after API data showed US crude inventories fell by 9.5 million barrels last week.

The US Energy Information Administration is due to release its own data later in the day.

On the demand side, investors’ expectations over a demand recovery was weak as the global economy continues facing rising COVID-19 infections.

The IEA cut its 2020 outlook for oil demand by 200,00 barrels per day to 91.7 million bdp. Meantime, OPEC also downwardly revised its outlook, saying demand will drop by 9.46 million bdp.

Reuters reported that Hurricane Sally is headed towards the US Gulf Coast but is not expected to make landfall until later in the day.

At around 06:00 AM GMT, WTI crude jumped 1.7% to $38.91 a barrel, while Brent crude soared 1.4% to $41.09 a barrel.

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About Babajide Iletogun

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