Crude oil prices climbed on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude was up by 24 US cents, or 0.6 percent, at US$43.46 a barrel, after dropping 0.4 percent on Tuesday. U.S. oil gained 14 US cents, or 0.3 percent, to US$41.18 a barrel, having dropped 1.4% in the previous session. Inventories of crude oil in the U.S. dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

Source: The Standard July 29, 2020 03:11 UTC