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Oil gains on sharp US crude inventory drop; Covid-19 keeps surge in check

Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22.

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US crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, in their largest drawdown since December.

Laila Kearney | Reuters New York

2 min read Last Updated : Jul 29 2020 | 10:58 PM IST

Oil prices edged up on Wednesday after a steep drop in US crude inventories, but another record day for Covid-19 cases worldwide kept gains in check.

Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22.

US crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, in their largest drawdown since December.

Net US crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.

The drawdown was

Topics : Coronavirus Crude Oil Price US economy United States Oil inventories

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