Market News
Oil edges up amid broader market rally, falling U.S. crude stockpiles - REUTERS
Summary
- Brent, WTI up after 2% drops in prior session
- US crude stocks fall, but gasoline and distillate increase
- Equities rally, helping oil, but strong dollar weighs
LONDON, Nov 20 (Reuters) - Oil prices edged up on Thursday after falling in the previous session, boosted by a bigger-than-expected draw in U.S. crude stockpiles and a general risk-asset market rally.
Brent crude futures were up 57 cents, or 0.9%, at $64.08 a barrel at 1101 GMT, while U.S. West Texas Intermediate crude futures were 51 cents, or 0.9%, higher at $59.95.
Both benchmarks rebounded after falling around 2% in the previous session after reports indicated the U.S. was renewing its push to end the Russia-Ukraine war and has drafted a framework for it, which could mean more Russian barrels being released into the market.
