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Oil gains on signs of improving demand, drawdown in inventory
 [Aljazeera] The uptick in crude prices has been largely motivated by severe output cuts and the easing of coronavirus lockdowns.Oil prices rallied again on Wednesday on signs of improving crude demand and a drawdown in United States crude inventories, but gains continued to be capped by concerns over the economic fallout from the coronavirus pandemic. Global benchmark Brent crude settled up $1.10, or 3.2 percent, at $35.75 per barrel, while July US West Texas Intermediate (WTI) crude futures ended up $1.53, or 4.8 percent, at $33.49. WTI's June contract expired on Tuesday, up 2.1 percent, avoiding the mayhem of expiry in May, when prices crashed to negative $40 a barrel over concerns about rapidly evaporating crude storage. Posted by: Besoeker 2020-05-21 |
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