Oil prices rose more than 2% on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic.
Brent crude was up 75 cents, or 1.75%, at $43.65 a barrel, and West Texas Intermediate crude rose 91 cents, or 2.26%, to settle at $41.20 per barrel.
Prices were boosted after data from the Energy Information Administration showed U.S. crude inventories fell 7.5 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 2.1 million-barrel drop.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.