Picture used for illustrative purpose. File
Oil prices moved higher on Wednesday after an industry report showed that US inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.
Brent crude was up 52 cents, or 1.2%, at $45.02 a barrel by 0648 GMT, after falling around 1% on Tuesday.
West Texas Intermediate oil was up 49 cents, or 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.
The American Petroleum Institute said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts' expectations of draw of 2.9 million barrels. Official government data is due later on Wednesday.
The "fall in US API crude inventories ... the third sizeable weekly fall in a row, has supported prices today," said Jeffrey Halley, senior market analyst at OANDA.
Still, growing uncertainty over a stalemate in Washington in talks for a stimulus package to support recovery from the deepest impact of the pandemic may weigh on prices looking ahead.
In India, demand for fuel in July dropped 10.8% from a year earlier, the fifth month of year-on-year declines, government data showed on Tuesday as a rise in coronavirus cases and floods in many parts of the country restricted economic activity.
Brent crude fell 35 cents, or 0.8%, to $43.97 a barrel by 0541 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 39 cents, or 0.9%, to $41.53.
Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.
US West Texas Intermediate (WTI) crude futures eased 4 cents, or 0.1% to $40.97 a barrel at 0655 GMT, while Brent crude futures fell 11 cents, or 0.3% to $44.04 a barrel.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, chaired the virtual meeting of the Industrial Cooperation Committee of the Gulf Cooperation Council on Thursday.
An index of stocks across the globe fell on Thursday and the dollar rose for a fifth session running on lingering concern about another economic hit from the coronavirus pandemic.
The UAE confirmed its commitment to supporting all global efforts to reinforce international trade and investment. This statement was made during the country’s participation in the closing meeting of G20 trade and investment ministers,