Oil surges 4% amid better risk appetite despite weak demand outlook

Oil prices rose nearly 4 per cent on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due to rising Covid 19 infections.
 

Brent crude futures had gained $2.53, or 3.65 per cent, to $71.88 a barrel by 18.41 pm IST. US West Texas Intermediate (WTI) crude futures rose by $2.63, or 3.91 per cent, to $69.83 a barrel.
 

“Oil ... is appearing to have found support as risk appetite increases once again,” Ricardo Evangelista, ActivTrades analyst said.