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Brent crude gains 33 cents in Wednesday Trade

Syed Umarullah HussainiWeb Editor

02nd Sep, 2020. 09:56 am
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Nadeem Babar

Brent crude rose 33 cents on Wednesday as solid U.S. factory data raised optimism of a post-pandemic economic recovery.

According to the details Brent crude futures were up 33 cents at $45.91 a barrel while U.S. West Texas Intermediate futures rose 33 cents to $43.09.

Gasoline stocks also fell by 5.8 million barrels, more than analysts’ estimates of a draw of 3.0 million barrels.

Analysts of the view that “Positive tone also set on hopes for a swift economic recovery following a healthy U.S. economic data, which raised investors’ risk appetite and propelled U.S. stock market and oil prices.”

“Also, slower-than-expected resumption of oil output in the United States after Hurricane Laura raised concerns over tighter supply,”

On the global supply side, oil output by the Organization of the Petroleum Exporting Countries (OPEC) rose by about 1 million barrels per day (bpd) in August.

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