Oil prices rose on Wednesday to highest levels since early March after data showed a significant decline in US crude oil stockpiles, but fears of the second wave of Covid-19 capped the gains<\/p>\n\n\n\n
Brent crude rose 1.03 dollars, or 2.3%, to 45.46 dollars a barrel. WTI also rose $ 1.03, or 2.5% to $ 42.73 a barrel.<\/p>\n\n\n\n
According to data from the American Petroleum Institute (API), crude inventories fell 8.6 million barrels in the week ending August 1 to 520 million barrels, compared to analysts’ expectations for a decrease of three million barrels.<\/p>\n\n\n\n
Official figures from the US Energy Information Administration (EIA) are due for release later Wednesday.<\/p>\n\n\n\n
Global deaths due to Covid-19 exceeded 700,000 on Wednesday, according to a Reuters count, as the United States, Brazil, India and Mexico led the rise in the number of deaths.<\/p>\n\n\n\n
The sentiment was supported by signs that talks between Democrats in Congress and the White House over a new package of financial support due to the Coronavirus have begun to move in the right direction even though the two parties are still in a state of disagreement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Wednesday to highest levels since early March after data showed a significant decline in US crude oil stockpiles, but fears of the second wave of Covid-19 capped the gains Brent crude rose 1.03 dollars, or 2.3%, to 45.46 dollars a barrel. WTI also rose $ 1.03, or 2.5% to $ 42.73 …<\/p>\n","protected":false},"author":9,"featured_media":31220,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-32254","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=32254"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32254\/revisions"}],"predecessor-version":[{"id":32255,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32254\/revisions\/32255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31220"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=32254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=32254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=32254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}