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

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.

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