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Oil Prices Soar as U.S Crude Inventories Nosedive

Oil prices rose on Wednesday after industry data showed that crude inventories in the US unexpectedly fell by 6.8 million barrels last week to 531 million barrels.

GSentiment was also supported by news that Britain has signed a supply deal for up to 60 million doses of the COVID-19 vaccine being developed by Sanofi and GlaxoSmithKline.

Meantime, investors were confident that the Federal Reserve will reaffirm its super-accommodative policies at its two-day meeting ending later today.

On the supply side, OPEC+ is expected to taper output cuts from next week. At around 06:15 AM GMT, WTI crude gained 0.1% to $41.07 a barrel, while Brent crude was up 0.2% to $43.32 a barrel.

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