Oil prices rise as U.S. inventories build smaller than feared

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Oil prices gained on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell and buoyed by hopes demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns.

“In part thanks to better than expected, or more accurately not as bad as feared, looking U.S. inventory data, WTI prices have managed to make up lost ground,” JBC Energy said.

“Aside from a Cushing build that was hardly extravagant, API inventory data reportedly also hinted at the first gasoline stock draw in several weeks, a signal which optimistic market observers tend to like,” the JBC analysts added.

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