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Oil Prices Soar as US Stockpiles Fall

Oil prices were up more than 2% on Wednesday after API reported an 8.156 million draw in US crude oil inventories which was the biggest decline since August of 2019.

Investors now await official EIA figures to be released later in the day, However, a spike in the number of new coronavirus infections and prospects that Libya will resume oil exports soon continue to limits gains.

WTI futures traded around $40.3 a barrel and Brent crude near $42.3 a barrel.

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About Babajide Iletogun

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