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Reuters reported that oil prices were up as much as four percent on Wednesday. A drawdown on US gasoline inventories has helped to convince the market that energy demand is improving in the US.
Reuters reported that oil prices were up as much as four percent on Wednesday. A drawdown on US gasoline inventories has helped to convince the market that energy demand is improving in the US.
As quoted in the publication:
U.S. crude futures were up $1.44 at $37.94 by 11:49 a.m. ET (1649 GMT).Brent crude futures rose $1.19 to $40.84 a barrel, having touched three-month highs on Tuesday above $41.
The U.S. Energy Information Administration said crude stockpiles rose 3.9 million barrels to nearly 522 million barrels, as predicted by analysts in a Reuters poll.