Due to more than expected fall in The United States inventories, Oil prices increased on Wednesday.
This data of decreasing stockpiles is higher than the prediction of many technical analysts. The pandemic has caused an enormous loss in the biggest economy of the world. It was expected that the demand for fuel would decrease in this pandemic, but things went in the opposite direction.
Brent crude was high by 0.3% or 15 cents, at $44.65 per barrel by GMT 0206. It faced a drop of 1% the earlier day.
West Texas oil inventory was up 0.2% or 9 cents at $41.7 per barrel after facing a drop of 0.8% in the earlier session.
Senior economic analyst Edward Moya (OANDA), said that with the rising crude oil demand oil prices are touching heights.
As per the data released by the American Petroleum Institute on Tuesday, crude oil stocks plunged by four million barrels the previous week. It is 1.1 million barrels more than the expected figure. Official date from the government is yet to come.