Oil prices rose on Wednesday as a more-than-expected decrease in US crude oil inventories and a decline in coronavirus cases in China, the world’s second-largest consumer, relieved investor fears over a fall in demand.
International benchmark Brent crude was trading at $55.98 per barrel at 0703 GMT for a 0.61% increase after closing Tuesday at $55.64 a barrel.
American benchmark West Texas Intermediate (WTI) was at $52.97 per barrel at the same time for a 0.68% increase after it ended the previous session at $52.61 a barrel.
President Energy plc (LON:PPC) is an independent oil and gas company focusing primarily on high margin production opportunities in Latin America.