Oil edged up to around $40 a barrel on Wednesday supported by rising investor risk appetite and a report that U.S. fuel inventories fell, although rising crude supply and concern of stalling demand capped gains. The American Petroleum Institute said U.S. inventories of gasoline and distillate fuel dropped, while those of crude rose. “The rebound in risk appetite today is lifting oil prices a little,” said Craig Erlam, analyst at broker OANDA. 29dk2902l“Oil prices are still faring comparatively well today given all the headwinds they are facing – a firm U.S. dollar, concerns about demand, rising supply,” said Carsten Fritsch of Commerzbank. Oil collapsed as the pandemic decimated demand, with Brent falling below $16, a 21-year low, in April.

Source: Libya Today September 23, 2020 14:03 UTC