5/19, 7:50 PM (Source: TeleTrader)
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Oil prices reverse losses as US inventories drop

The prices of oil futures erased losses recorded earlier in the day on Thursday and rose by over 1% after a drop in crude inventories in the United States seemingly sparked worries about future oil supply.

Oil demand could improve in China as the world's second-largest oil-consuming country is preparing to ease coronavirus restrictions in Shanghai next month.

West Texas Intermediate (WTI) for settlements in June increased by 0.97% to sell for $110.65 per barrel at 1:29 pm ET, while Brent for deliveries in July was up 1.90%, going for $111.18 per barrel at 1:38 pm ET.

Baha Breaking News (BBN) / MS