REUTERS

Oil prices gained more than 1% on Wednesday, with U.S. crude rising for a seventh day, after industry data showed a bigger than expected drop in inventories and investors shrugged off worsening developments in the pandemic.

U.S. West Texas Intermediate (WTI) was up 67 cents, or 1.3%, at $53.88 a barrel by 0420 GMT after gaining nearly 2% on Tuesday. Brent crude was up 79 cents, or 1.4%, at $57.37, having risen 1.7% in the previous session, as reported by Reuters.

Read alsoGas imports rising in price for Ukraine, againBoth benchmarks are trading at the highest since February, before the coronavirus outbreak in China began spreading across the world and billions of people went into lockdown to prevent a pandemic that is now in a deadlier second wave.

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

That was more than analysts' expectations in a Reuters poll for a fall of 2.3 million barrels.

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