Oil prices on Wednesday extended the previous day’s small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge.
Brent crude was up 31 cents, or 0.4% at $75.07 a barrel by 0423 GMT, after edging higher on Tuesday. U.S. crude was up 46 cents, or 0.6% at $73.44 a barrel, having risen 0.1% in the previous session.
On the last day of June, Brent is heading for another monthly gain, which would mean the contract has risen for six out of the last seven months. U.S. crude has traded similarly since November.
Crude stocks in the United States were down by 8.2 million barrels, American Petroleum Institute data showed, according to two sources, who spoke on condition of anonymity. [API/S]. Still, gasoline inventories rose by 2.4 million barrels and distillate stocks were up by 428,000 barrels, the sources said. [REUTERS]
