Oil jumps to 8-month high on U.S. inventory drop, vaccine hopes
Oil prices climbed to the highest in more than eight months on Wednesday, after data showed a surprise drop in U.S. crude inventories last week, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.
Brent crude was up 47 cents, or 1%, at $48.33 a barrel, having risen almost 4% in the previous session. West Texas Intermediate crude gained 80 cents, or 1.8%, to settle at $45.71 per barrel, after rising more than 4% on Tuesday.
U.S. crude inventories fell by 754,000 barrels last week, data from the U.S. Energy Information Administration showed, compared with analysts’ expectations in a Reuters poll for a 127,000-barrel rise. Inventories at Cushing, Oklahoma, the delivery point for WTI, fell by 1.7 million barrels.
Reference: CNBC
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