Reuters: Oil rises after surprise drop in U.S. inventories offsets demand concerns

09:00, 29 July 2020
Economy
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REUTERS

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Brent crude futures LCOc1 were up by 14 cents, or 0.3%, at $43.36 a barrel by 0326 GMT, after dropping 0.4% on Tuesday, as reported by Reuters.

U.S. West Texas Intermediate crude futures CLc1 gained 2 cents, or 0.1%, to $41.06 a barrel, having dropped 1.4% in the previous session.

Inventories of crude oil in the U.S. dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

Analysts' expectations were for an increase of 357,000 barrels. U.S. government data is due Wednesday.

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