Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of a recovery from the coronavirus pandemic.
U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast. [API/S] Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky.
Brent crude LCOc1, the global benchmark, was up 3 cents at $45.61 a barrel as of 1010 GMT, climbing for a third day. U.S. West Texas Intermediate CLc1 rose 11 cents, or 0.3%, to $42.87.