⁍ Crude oil futures rose on Wednesday after a more-than-expected draw in U.S. crude stockpiles.
⁍ As solid U.S. factory data raised optimism of a post-pandemic economic recovery, boosting risk appetite among investors.
⁍ Brent crude LCOc1 futures were up 33 cents at $45.91 a barrel as of 0034 GMT, extending gains into a third day.
– The Dow Jones Industrial Average and the S&P 500 were both up more than 1% in early trading on Wednesday, helped by a better-than-expected report on US oil inventories. The American Petroleum Institute said Tuesday that US crude inventories fell by 6.4 million barrels in the week ending Aug. 28, more than the 1.9 million-barrel drop analysts expected, per Reuters. Gasoline stocks also fell by 5.8 million barrels, more than analysts’ estimates of a draw of 3.0 million barrels. The market “received a boost from the fact that US manufacturing activity accelerated to a more than 1-1/2-year high in August amid a surge in new orders, lending support to Wall Street,” the chief analyst at Fujitomi Co., tells Reuters.
Source: https://www.reuters.com/article/us-global-oil/oil-rises-after-us-inventories-draw-optimism-of-economic-recovery-idUSKBN25T03L