Oil prices rise over 1% after US crude, fuel stockpiles draw down

Oil rose more than 1% on Wednesday, supported by US government data that showed crude and fuel inventories dropped last week, although concerns about the ongoing coronavirus pandemic capped gains.   Brent crude rose 53 cents, or 1.3%, to $42.25 a barrel by 10:54 a.m. EDT (1454 GMT).

US West Texas Intermediate crude gained 55 cents, or 1.4%, to $40.35 a barrel.   US crude, gasoline and distillate inventories all fell last week, Energy Information Administration data showed.   Crude inventories fell by 1.6 million.

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