Oil bulls take charge as demand outlook improves, Brent up a fifth day
Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Brent crude was up 69 cents, or 0.9 percent, at USD74.68 a barrel by 0200 GMT, having risen 1.6 percent on Tuesday. US crude gained 66 cents, or 0.9 percent, to USD72.78 a barrel, after rising 1.7 percent in the previous session. US oil inventories dropped by 8.5 million barrels in the week ended June 11, according to two market sources, citing American Petroleum Institute figures on Tuesday. Crude stocks were expected to have fallen for a fourth week in a row, dropping by about 3.3 million barrels last week, according to analysts polled by Reuters. Official government data is due out Wednesday.
Stock Market Live Updates: Indian equity indices, Sensex and Nifty are trading lower on Wednesday afternoon dragged by metals and banking stocks amid mixed global cues. Broader markets, smallcap and midcap indices also declined. Barring Nifty FMCG and Nifty I…
