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Oil rises after sharp drop in U.S. crude inventories


Wednesday, 1 July 2020 18:47 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil prices rose on Wednesday after an industry report showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

Brent crude rose $1.09, or 2.7%, to trade at $42.38 per barrel, after declining more than 1% on Tuesday. U.S. crude was up $1.13, or 2.88%, at $40.40 a barrel, having dropped by 1.1% in the previous session.

Crude inventories dropped by 8.2 million barrels to 537 million barrels, against analysts’ forecasts for a draw of 710,000 barrels.

Source : Reuters


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