Oil up on global economic recovery, but hefty U.S. fuel stocks weigh – Reuters

Oil up on global economic recovery, but hefty U.S. fuel stocks weigh – Reuters

NEW YORK (Reuters) -Oil futures inched higher on Wednesday on an improving global economic outlook, but gains were capped by rising gasoline inventories and fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas/File PhotoBrent crude futures settled at $63.16 a barrel, up 42 cents, or 0.7%. U.S. West Texas Intermediate crude settled at $59.77 a barrel, gaining 44 cents, or 0.7%.U.S. crude stocks fell 3.5 million barrels last week, but gasoline inventories jumped 4 million barrels, the Energy Information Administration (EIA) said, compared with expectations in a Reuters poll for a 221,000-barrel gasoline drop. [EIA/S]“If you don't need to make gasoline, then you don't need to use more crude oil,” said Bob Yawger, director of energy futures at Mizuho Securities.Prices drew support when the Federal Reserve released minutes from last month's meeting that reinforced the U.S. central bank's position that it will refrain from raising rates anytime soon, boosting the fuel demand outlook.The International Monetary Fund on Tuesday said unprecedented public spending to fight COVID-19 would push global growth to 6% this