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.
FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. REUTERS/Alexey Malgavko
Crude inventories dropped by 8.2 million barrels to 537 million barrels, against analysts’ forecasts for a draw of 710,000 barrels. The 13-member grouping produced an average of 22.62 million barrels per day in June after they agreed to cut output, a Reuters survey found, down 1.92 million bpd from May’s revised figure.
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