Energy

Oil rises on signs of firmer demand, fall in U.S. crude stocks

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An offshore oil platform is seen with a tanker in the distance on April 20, 2020 in Huntington Beach, California.

Michael Heiman | Getty Images

Oil prices rose on Wednesday amid signs of improving demand and a drawdown in U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains.

Brent crude futures for July delivery were up 23 cents, or 0.7%, at $34.88 per barrel at 0347 GMT.

U.S. West Texas Intermediate (WTI) crude futures for July were up 14 cents, or 0.4%, at $32.10 a barrel. The July contract closed on Tuesday at $31.96, up 1%.

The June contract expired on Tuesday at $32.50 a barrel, up 2.1%, as the WTI futures market avoided the chaos of…



Source cnbc.com

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