Oil prices rose on Wednesday after US inventories rose less than expected. Gasoline stocks fell and hopes for improved demand strengthened as some European countries and the US moved to ease closures associated with the coronavirus pandemic.
Brent crude futures rose in June by 2.30% to $20.93 a barrel whereafter it reached $21.60 a barrel. The most active July contract added 0.97% to $22.96 a barrel. US West Texas Intermediate crude futures have jumped $12.56 a barrel in the past two days.
US crude inventories rose by 10 million barrels to 510 million barrels in the week ending April 24, according to data from the American Industry Group API, on Tuesday, compared to analyst expectations for 10.6 million barrels. Gasoline stocks decreased by 1.1 million barrels, compared to analyst expectations for an increase of 2.5 million barrels.
