Oil rises towards $46 on U.S. inventory drop, economy hopes

Oil rises towards $46 on U.S. inventory drop, economy hopes

Business | Sep 3, 2020 06:52am | FORUM 234 Connect |


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.


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