Oil jumps more than 2% on optimistic inventory data
Oil prices erased losses and closed higher on Wednesday following optimistic inventory data. However, worries over rising coronavirus cases heading into the northern winter would lead to further restrictions on activity and curb demand for fuel capped gains.
The U.S. Energy Information Administration said Wednesday that inventory for the week ending Sept. 25 declined by 2 million barrels. According to estimates from FactSet, analysts had expected a 400,000 barrel build.
West Texas Intermediate settled 93 cents, or 2.37%, higher at $40.22 per barrel. Brent crude fell 8 cents to $40.95 per barrel.
The benchmarks fell more than 3% on Tuesday as global Covid-19 cases passed 1 million, having doubled in three months.
OPEC September oil output rises for third month on Libya restart, Iran
OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal.
Reference: CNBC, Reuters
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