Oil Prices Rise on Vaccine Hopes, Falling Inventories

Oil prices rose Wednesday, hitting a fresh 4½-month high with investors hoping for faster-than-expected coronavirus vaccine development and weighing a sizable drop in domestic crude stockpiles. U.S. crude futures added 2.3% to $41.20 a barrel on the New York Mercantile Exchange, their highest close since early March. Prices are well below where they started the year, with the coronavirus denting demand, but have rebounded in recent weeks with some states and countries reopening and producers curtailing supply. U.S. crude briefly…

Source link

error: Content is protected !!