Oil prices held steady on Wednesday despite signs of improving demand and a drawdown in U.S. crude inventories, as worries over the economic fallout from the coronavirus pandemic capped gains.
FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019. REUTERS/Christian Hartmann
U.S. West Texas Intermediate crude futures for July CLc1 were down 2 cents at $31.94 a barrel after closing up 1% in the previous session. Oil prices have mainly risen during the past three weeks, with both benchmarks climbing above $30 for the first time in more than a month on Monday, supported by massive output cuts by major oil producing countries and signs of improving demand.
Refinery runs rose by 229,000 barrels per day, the API said, indicating plants are trying to produce more fuel as the United States eases its lockdowns.“Oil markets have worried about high crude inventories but yesterday the WTI June contract expired and rolled over to July smoothly as concerns over crude stocks ease and demand has improved in the short-term,” said Kim Kwang-rae, commodity analyst at Samsung Securities in Seoul.
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