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Oil prices rise after a sharp drop in US crude inventories

Thu 16 Jul 2020, 10:47:31

Oil prices yesterday rose after a sharp drop in U.S. crude inventories. Brent prices climbed to trade beyond USD 44 per barrel. Later in the day, OPEC and its allies will meet to decide on the easing of output curbs as the global economy

slowly recovers from the COVID-19 pandemic.

In intra-day trade, Brent crude prices were trading around USD 43.40 per barrel while WTI crude prices were around USD 40.80 per barrel.

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