Oil rises on steep U.S. crude stocks drop

05.05.2021 - Davydova Maria
Oil rises on steep U.S. crude stocks drop

Oil prices climbed almost 1% on Wednesday, extending overnight gains after industry data showed U.S. crude inventories slid more than expected last week. The decline reinforced bullish views on fuel demand in the United States.

U.S. West Texas Intermediate crude futures rose 0.9%, or 60 cents, at $66.29 per barrel, after rising to $66.45, its strongest since March 8.

Brent crude futures grew 0.8%, or 58 cents, at $69.46 per barrel, following a seven-week high of $69.64. Both contracts climbed almost 2% on Tuesday.

U.S. crude inventories dropped by 7.7 million barrels in the week ended April 30, more than triple the decline analysts expected.

The increase in oil prices to almost two-month highs has been boosted by U.S. and Europe vaccine rollouts, paving the way for restrictions to be lifted and air travel to recover.

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