Oil rises on signs of economic recovery, but new infections loom – ZAWYA

Oil rises on signs of economic recovery, but new infections loom – ZAWYA

Oil rises on signs of economic recovery, but new infections loom | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil rises on signs of economic recovery, but new infections loom Brent crude was up 90 cents, or 2.2%, to $42.17 a barrel    Image used for illustrative purpose. General view shows Mexican state oil firm Pemex's Cadereyta refinery, in Cadereyta, on the outskirts of Monterrey, Mexico April 20, 2020. LONDON - Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world.Brent crude was up 13 cents, or 0.3%, at $41.40 a barrel at 1236 GMT, and U.S. crude was up 14 cents, or 0.4%, at $39.41 a barrel. Both contracts rose $1 earlier in the session.U.S. crude and gasoline stocks fell more than expected last week, while distillate inventories rose, data released by the American Petroleum Institute (API) late on Tuesday showed.Brent crude was up 13 cents, or 0.3%, at $41.40 a barrel at 1236 GMT, and U.S. crude was up 14 cents, or 0.4%, at $39.41 a barrel. Both contracts rose $1 earlier in the session.LONDON -