Oil trades higher supported by increased demand

Thursday, 02. July 2020 09:10

Oil prices rose on Thursday following the US Energy Information Administration's report on crude inventories, which pointed to an increase in demand.

According to the EIA, crude inventories in the US fell by 7.2 million barrels last week. Meanwhile, the number of commercial flights continued to rise worldwide as countries ease coronavirus lockdown measures.

Brent for September settlements was up 0.71% to $42.34 per barrel at 3:00 am ET. At the same time, West Texas Intermediate futures for settlements in August climbed 0.75% to $40.12 a barrel.

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Author:
Breaking the News / JC