Oil prices rise after sharp drop in US crude stock, focus on OPEC meeting


Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies. Brent crude futures were up 10 cents, or 0.2%, at $43 a barrel as of 0049 GMT, and U.S.

West Texas Intermediate (WTI) crudefutures rose 14 cents, or 0.4%, to $40.43 a barrel. In a sign of improving demand despite the coronavirus pandemic, U.S. crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts'.....

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