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Oil Rallies on Huge Crude Inventory Draw

Oil prices rose on Wednesday, extending the prior session’s gains, after industry data showed the biggest draw in inventories since August 2019. Stocks of crude oil in the US tumbled by 8.3 million barrels in the week ended July 10th.

Meanwhile, market participants look forward to the OPEC meeting later in the day amid signs that the alliance may taper the record supply cut of 9.7 million barrels per day to 7.7 million bpd from August through December.

Sentiment was also lifted by positive data from a potential COVID-19 vaccine trial by Moderna. At around 01:45 AM GMT, WTI crude increased 0.5% to $40.48 a barrel, while Brent crude was up 0.4% to $43.08 a barrel.
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