Oil rises after surprise drop in U.S. inventories offsets demand concerns – ZAWYA

Oil rises after surprise drop in U.S. inventories offsets demand concerns – ZAWYA

Oil rises after surprise drop in U.S. inventories offsets demand concerns Brent crude was up by 24 cents    Oil refinery power station at sunset, Petrochemical industrial plant. Image used for illustrative purpose. TOKYO: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.Brent crude was up by 24 cents, or 0.6%, at $43.46 a barrel by 0041 GMT, after dropping 0.4% on Tuesday.U.S. oil gained 14 cents, or 0.3%, to $41.18 a barrel, having dropped 1.4% in the previous session.Brent crude was up by 24 cents, or 0.6%, at $43.46 a barrel by 0041 GMT, after dropping 0.4% on Tuesday.TOKYO: Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.U.S. oil gained 14 cents, or 0.3%, to $41.18 a barrel, having dropped 1.4% in the previous session.Inventories of crude oil in the U.S. dropped by 6.8 million barrels last week to 531 million barrels, data from industry