Oil Rises Towards $46 On U.S. Inventory Drop, Economy Hopes

• Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell, and as surveys showing stronger manufacturing raised hopes of economic recovery from the coronavirus pandemic.
• U.S crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast. Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky.
• Brent crude LCOc1, the global benchmark, was up 31 cents, or 0.7%, at $45.89 a barrel, climbing for the third day. U.S. West Texas Intermediate CLc1 rose 28 cents, or 0.7%, to $43.04.

(Source: Reuters)