Crude oil futures kept gains rolling on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity combined to power optimism of a recovery from the pandemic, boosting investor risk appetite.
Brent crude futures rose 28 cents, or 0.6%, to $45.86 U.S. extending gains into a third day.
U.S. West Texas Intermediate futures rose 23 cents to $42.99 U.S. per barrel, following the previous day’s gain by 15 cents.
Figures released by the American Petroleum Institute showed U.S. crude inventories fell by 6.4 million barrels in the week to Aug. 28 to about 501.2 million barrels, against analysts’ expectations for a draw of 1.9 million barrels.
The figures also revealed gasoline stocks also fell by 5.8 million barrels, more than analysts’ estimates of a draw of three million barrels.
Analysts had forecast a sixth weekly drawdown in U.S. crude inventories.
