Energy

OPEC+ meeting, U.S. crude inventories in focus

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Offshore oil platforms are seen on April 20, 2020 in Huntington Beach, California. Oil prices traded in negative territory for the first time as the spread of coronavirus (COVID-19) impacts demand.

Michael Heiman | Getty Images

Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.

Brent crude futures were up 10 cents, or 0.2%, at $43 a barrel as of 0049 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 14 cents, or 0.4%, to $40.43 a barrel.

In a sign of improving demand despite the coronavirus pandemic, U.S. crude…



Source cnbc.com

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