Crude oil prices hit highest since MarchBusiness | 5 Aug 2020 8:48 pm
Oil prices climbed to their highest since early March on Wednesday on data showing a big drop in U.S. crude inventories, and a weak dollar, but mounting coronavirus infections weighed on the demand outlook, Reuters reports.
Brent crude was up US$1.63, or 3.67 percent, at US$46.06 a barrel, while West Texas Intermediate oil added US$1.59, or 3.81 percent, to US$43.79 a barrel. Both contracts gained by over 4 percent earlier in the session.
U.S. crude inventories fell by 8.6 million barrels in the week to August 1 to 520 million barrels, compared with analysts’ expectations for a 3 million barrel drop, the American Petroleum Institute found.
Official figures are due on Wednesday.