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Oil Prices Rise to 5-Month High

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Crude futures extended gains on Wednesday, hitting the highest levels since early March after private data showed a large drop in United States oil inventories.

According to the American Petroleum Institute (API), US stockpilesĀ fell by 8.6 million barrelsĀ last week. Official figures on inventories are set to be released later in the day by the US Energy Information Administration (EIA).

Putting a lid on prices were mounting concerns over the spike in coronavirus infections worldwide and an explosion at Beirut, which raised fears over instability in the region. Investors now await EIA data to be released later in the day.

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