Oil rises 2% on US crude stockpile draw, global manufacturing activity

Topics Oil Prices | US crude oil | Lockdown

Oil prices rose nearly 2 per cent  on Wednesday following a drawdown in US crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains. Brent crude rose 80 cents, or 1.9 per cent , to $42.07 a barrel by 12:43 p.m.

EDT (16:43 GMT).  US crude rose 59 cents, or 1.5 per cent , to $39.86 a barrel. US crude inventories fell more than expected, dropping by 7.2 million barrels last week, after hitting all-time highs for three consecutive weeks, Energy Information.....

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