Business Brent contracts rose 3.17 percent, and the barrel reached...

Brent contracts rose 3.17 percent, and the barrel reached $ 35.75 upon settlement

date of publication:20.05.2020 | 18:47 GMT |

Last updated:20.05.2020 | 18:55 GMT | money and business

Brent contracts rose 3.17 percent, and the barrel reached $ 35.75 upon settlement

Reuters

Brent contracts rose 3.17 percent, and the barrel reached $ 35.75 upon settlement

On Wednesday, Brent crude rose $ 1.10, or 3.17 percent, to settle at $ 35.75 a barrel.

Also, US crude futures settled at $ 33.49 a barrel, up $ 1.53, or 4.8 percent.

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The rise came after US data showed that oil stocks in the United States fell last week, contrary to expectations.

According to the data, inventory fell by 4.98 million barrels, while expectations were for an increase of 1.151 million barrels.

The US Energy Information Administration reported that oil production in the United States fell to 11.5 million barrels per day last week.

Prices also received support from investor hopes for improved demand for crude as the gradual opening of economies around the world began and the easing of restrictions imposed to limit the spread of the Corona virus.

Source: Reuters

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