Oil rises after surprise drop in US inventories offsets demand concerns

Inventories of crude oil in the US dropped by 6.8 million barrels last week to 531 million barrels, data showed

Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the US and elsewhere.

Brent crude futures were up by 14 cents, or 0.3%, at $43.36 a barrel by 0326 GMT, after dropping 0.4% on Tuesday.

US West Texas Intermediate crude futures gained 2 cents, or 0.1%, to $41.06 a barrel, having dropped 1.4% in the previous session.

Inventories of crude oil in the US dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the