Oil rises as Crude inventories Fall sharply

Oil rises as crude inventories fall sharply

Oil prices surged unexpectedly after falling for consecutive days on Wednesday. It was led by the industry data showcasing the scarcity of crude inventories and a sharp fall in the stockpiles of the fuel in the US. However, the outcome was eclipsed by the presidential elections. It remained more or less choppy in the initial trades.

Brent Crude surged to $40.51, crossing the $ 40 mark. It made a 2 per cent jump, which is 80 cents hike. On the other hand, WTI jumped to $38.46, gaining 80 cents or 2.1 per cent rise a barrel by 0436 GMT.

Oil prices plunged by more than 10 per cent the last week after COVID-19 pandemic cases spiked unprecedently in parts of Europe and the US. It parred the demand and supply units of several oil units.



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