Oil prices gain on fall in crude stockpiles

Oil prices gain on fall in crude stockpiles

Oil prices rose on Thursday, reversing early losses, as a sharp drop in oil stockpiles outweighed concerns that a spike in U.S. coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand.

WTI crude futures rose 25 cents, or 0.6%, to $40.07 a barrel by 0632 GMT, adding to a 1.4% rise from Wednesday.

Brent crude futures was up 25 cents or 0.6% at $42.28 a barrel, after rising 1.8% in the previous session, Reuters reported.

U.S. Energy Information Administration data showed U.S. crude inventories fell 7.2 million barrels from a record high last week, far more than analysts had expected, as refiners ramped up production and imports eased.

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