Oil rises after U.S. fuel stocks draw down; economic concerns loom

Published by
Reuters UK

By Stephanie Kelly NEW YORK (Reuters) – Oil prices rose nearly 2% on Thursday after posting the biggest two-day loss for the start of a year in three decades with U.S. data showing lower fuel inventories providing support and economic concerns capping gains. Big declines in the previous two days were driven by worries about a global recession, especially since short-term economic signs in the world’s two biggest oil consumers, the United States and China, looked weak. Pushing prices higher on Thursday, U.S. gasoline stocks fell 346,000 barrels last week, the Energy Information Administration s…

Read More