Oil Up Over Huge Draw in US Crude Oil Supplies, Fuel Demand Hopes By Investing.com – Investing.com

SectorOil & Gas

© Reuters.

By Gina Lee

Investing.com – Oil was up Wednesday morning in Asia over a record fall in U.S. crude oil supplies and growing expectations that re-opening drives in the U.S.

and Europe will boost fuel demand. However, investors are also keeping an eye on ever-surging numbers of COVID-19 cases in parts of Asia.

rose 2.68% to $69.37 by 12:24M ET (4:24 AM GMT), closing in on the $70 mark. jumped 2.64% to $66.19.

showed a draw of 7.688 million barrels for the week ended Apr. 30, in what is set to be the largest drop since late January 2021. The draw exceeded the 2.191-million-barrel draw in forecasts prepared by Investing.com and the 4.319-million-barrel build recorded during the previous week.

Investors now await , due later in the day.

U.S. President said on Tuesday that the U.S. aims to vaccinate 70% of U.S. adults with at least one COVID-19 shot by the Independence Day holiday on Jul. 4. In the U.K.,...read more...