Oil Rises After Drop In U.S. Crude Stocks Suggests Demand Pickup…..LIVE NEWS UPDATE BY ROYAL TRADERS

LIVE NEWS UPDATE !!!

Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Brent crude (LCOc1) rose 48 cents, or 1.2%, to $41.75 a barrel by 0345 GMT after declining more than 1% on Tuesday. U.S. crude was up 54 cents, or 1.4%, at $39.81 a barrel, having dropped by 1.1% in the previous session.

  and gasoline stocks declined more than expected last week, while distillate inventories rose, data released by the American Petroleum Institute (API) late on Tuesday showed. [API/S]

Crude inventories dropped by 8.2 million barrels to 537 million barrels, against analysts’ forecasts for a draw of 710,000 barrels.

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