Oil Up Over Huge Draw in U.S. Crude Oil Supplies, Fuel Demand Hopes

By Investing Com7 days ago

© Reuters.

By Gina Lee

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Investing.com Oil was up Wednesday morning in Asia over a record fall in U.S. crude oil supplies and growing expectations that re-opening drives in the U.S. and Europe will boost fuel demand. However, investors are also keeping an eye on ever-surging numbers of COVID-19 cases in parts of Asia.

Brent oil futuresrose 2.68% to $69.37 by 12:24M ET (4:24 AM GMT), closing in on the $70 mark. WTI futures jumped 2.64% to $66.19.

U.S. crude oil supply data from the American Petroleum Institute showed a draw of 7.688 million barrels for the week ended Apr. 30, in what is set to be the largest drop since late January 2021. The draw exceeded the 2.191-million-barrel draw in forecasts prepared by Investing.com and the 4.319-million-barrel build recorded during the previous week.

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