Oil prices rose on Wednesday after U.S. crude inventories dropped more than analysts expected, strengthening hopes of a fuel demand recovery in the world’s biggest economy.
Brent crude rose 0.3%, or 15 cents, at $44.65 per barrel. U.S. West Texas Intermediate oil gained 0.2%, or 9 cents, at $41.70 per barrel.
The American Petroleum Institute reported that crude stocks dropped by 4 million barrels last week, significantly bigger than analysts’ expectations for a 2.9 million-barrel decline. Official government data is to be released on Wednesday.
Still, the growing uncertainty on Washington’s deadlock on a coronavirus stimulus package to support the economy may weigh on oil prices soon.