By Yasin Ebrahim
Investing.com – U.S. oil stockpiles snapped six-straight weeks of declines on Wednesday at a time when the renewed spread of Covid-19 cases in some parts of the world threatens the demand outlook.
rose by 2.97 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 6.36 million barrels the previous week.
, the U.S. benchmark for oil, was up 2.64% after settling 3.5% higher at $38.05 a barrel on Wednesday. The surprise build comes a day ahead of the official government expected to show weekly U.S. crude supplies fell by 1.33 million barrels lasrt week.
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