Energy

Oil gains on U.S. stock draw, economic recovery optimism

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South Belridge Oil Field is the fourth-largest oil field in California and one of the most productive in the U.S.

David McNew | Getty Images

Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fueled optimism of a recovery from the pandemic, boosting investor risk appetite.

Brent crude futures rose 37 cents to $45.95 a barrel as of 0310 GMT, extending gains into a third day.

U.S. West Texas Intermediate futures rose 34 cents to $43.10, following the previous day’s gain by 15 cents.

U.S. crude inventories fell by 6.4 million barrels in the week to Aug. 28 to about 501.2 million barrels, the…



Source cnbc.com

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