Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed US offshore oil and gas production and an industry report showed the US crude inventories decreased.
Brent crude rose 77 cents, or 1.9%, to $41.30 a barrel by 0755 GMT, while US crude added 85 cents, or 2.2%, to $39.13. Both contracts rose by more than 2% on Tuesday.
“Overnight, the API provided a further injection of bullish impetus,” said Stephen Brennock of oil broker PVM. “As much as a feel-good factor appears to have returned to the oil market, underlying fundamentals remain far from supportive.”
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