Oil prices rise as U.S. stock drawdown eases supply glut fears
Oil prices advanced on Thursday as a drawdown of the U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from theBrent crude futures for July delivery were trading up 33 cents, or 0.9 per cent, at $36.08 per barrel at 0344 GMT, rising for a second day.
“While signs that WTI storage pressures are abating is positive for prices, the latest report shows that the fall in stocks owes more to supply factors than growing product demand,’’ Capital Economics said in a note issued on Wednesday. “With supply being managed through the compliance among OPEC+ and demand recovering in North Asia, particularly in China, things are moving in the right direction in terms of supporting oil prices,’’ said Victor Shum, Vice President of Energy Consulting at IHS Markit.
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