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Oil Prices Rise as Inventories Decline

Oil prices rose on Wednesday, with WTI futures trading near $41.7 a barrel and Brent crude around $44.5 a barrel boosted by hopes for a fresh US stimulus package and a massive decline in crude oil inventories.

Latest API data showed a draw in crude oil inventories of 8.6 million barrels last week, following a drop of 6.8 million barrels in the week ended July 24th.

Putting a lid on prices were mounting concerns over the spike in coronavirus infections worldwide and an explosion at Beirut, which raised fears over instability in the region.

Investors now await EIA data to be released later in the day.

About Babajide Iletogun

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