LONDON: Oil edged up to around $42 a barrel on Wednesday, supported by rising investor risk appetite and a report that US fuel inventories fell, although rising crude supply and concern of stalling demand capped gains. European equities rose after better-than-expected German manufacturing data, giving oil a boost. The American Petroleum Institute said US 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. "Oil prices are still faring comparatively well today given all the headwinds they are facing - a firm US 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 19:52 UTC