Oil prices rise due to inventory draw

Oil prices rise due to inventory draw

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Coronavirus restrictions developments in Europe and surge in cases and deaths in the United States are major determiners in prices.

Avtar Sandu, senior manager commodities at Philip Futures said, "crude oil prices also continued to rally ... on economic optimism in China after President's Xi comments and an inventory report from API showed that crude oil inventories fell more than expected."

Oil stocks in the US dropped by 5.8 million barrels last week to around 484.5 million barrels, data from the American Petroleum Institute showed late on Tuesday.