Brent futures gained $1.78, or 3.3%, to settle at $55.79 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.23, or 2.5%, to settle at $51.17. Those were the highest settles for both futures since January even though the U.S. government reported a larger-than-expected weekly build in crude inventories that was countered by a decline in fuel stocks, including an unexpected gasoline drawdown.
NEW YORK: Oil prices rose over 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover.
Brent futures gained $1.78, or 3.3%, to settle at $55.79 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.23, or 2.5%, to settle at $51.17.
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