Crude oil prices moved up on Wednesday, despite concerns about energy demand outlook amid continued surge in coronavirus cases and fresh lockdown restrictions in several places across the world.

Traders looked ahead to weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

The API’s report is due later today, while the EIA is scheduled to release its inventory data tomorrow morning 10:30 am ET.

West Texas Intermediate Crude oil futures for November ended up $0.84 or about 2.1% at $41.04 a barrel.

Brent crude futures advanced by about $0.50 or 1.2% to $42.94 a barrel.

On Tuesday, WTI crude oil futures for November ended up $0.77 or almost 2% at $40.20 a barrel, recovering well after suffering a 3% drop in the previous session. The jump was due largely to data showing a significant increase in China’s oil imports.

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday cut its oil demand forecast for the year, citing economic dislocations caused by the coronavirus pandemic.

The OPEC report said World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise.

The material has been provided by InstaForex Company – www.instaforex.com

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