Oil gains after stockpile draw amid hopes for coronavirus vaccine

By Reuters

Oil futures rose on Wednesday after an industry report showed that U.S. crude inventories fell by more than expected as prices continued to be supported by news of successful trials of a vaccine for coronavirus. Brent crude was up 31 cents, or 0.7%, at $43.92 a barrel by 0213 GMT, while U.S. oil gained 36 cents, or 0.9%, to $41.72 a barrel. “Defying analysts' expectations again, the American Petroleum Institute (API) reported on Tuesday a significant 'draw' in crude oil inventories,” said Stephen Innes, chief market strategist at AXI.

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