Oil Edges Higher With U.S. Stockpiles Drop Offsetting Virus Fear

Financial Post | Jul 2, 2020 at 9:06 AM
  • Oil rose for a second day as a bigger-than-expected drop in American crude stockpiles and plunging output from OPEC producers outweighed nervousness about a coronavirus resurgence in the U.S.
  • Brent for September settlement advanced 0.7% to $42.31 on the ICE Futures Europe exchange, after rising 1.8% Wednesday.
  • The 7.2 million-barrel contraction in U.S. crude stockpiles compared with an estimated decline of 500,000 barrels in a Bloomberg survey.