Reuters: Oil rises on signs of firmer demand, fall in U.S. crude stocks
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.
Brent crude futures for July delivery LCoc1 were up 23 cents, or 0.7%, at $34.88 per barrel at 0347 GMT, as reported by Reuters.
U.S. West Texas Intermediate (WTI) crude futures for July CLc1 were up 14 cents, or 0.4%, at $32.10 a barrel. The July contract closed on Tuesday at $31.96, up 1%.
The June contract expired on Tuesday at $32.50 a barrel, up 2.1%, as the WTI futures market avoided the chaos of last month's May expiry, when prices sank below zero.
Oil prices have mainly risen during the past three weeks, with both benchmarks climbing above $30 for the first time in more than a month on Monday, supported by massive output cuts by major oil producing countries and signs of improving demand.
U.S. crude inventories fell by 4.8 million barrels to 521.3 million barrels in the week to May 15, data from industry group the American Petroleum Institute (API) showed on Tuesday.