Oil Up 3rd Day In Row On U.S. Crude Draw

• Oil prices rose for the third day in a row on Wednesday as the U.S. government reported a second straight weekly drawdown in crude stockpiles against market analysts’ consensus for an inventory build.
• The broad two-month-long rally in oil prices has convinced physical crude traders to cash in more of the barrels in their hold, rather than store them, despite a slack in demand for fuel products caused by sluggish traffic recovery from the coronavirus pandemic.
• New York-traded West Texas Intermediate, the key indicator for U.S. crude, climbed 93 cents, or 1.7%, to settle at $55.69 per barrel. WTI has risen about 6% since Friday’s settlement of $52.50.
• London-traded Brent, the global benchmark for crude, settled up $1, or 1.7%, at $58.46. Brent has actually risen four days in a row, gaining about 5% since Thursday’s settlement of $55.53.

(Source: Yahoo Finance)