Drop In U.S. Crude Inventories Causes Oil Prices to Rise- 30 June, 2020

A sharp drop in U.S. crude inventories caused oil prices to rise as experts look to lifted lockdown restrictions across the world despite a growing number of coronavirus cases. Brent crude was up 0.8% or 33 cents to $41.60 per barrel, having fallen over 1% the previous session. U.S. crude rose 1.1% or 42 cents to $39.69 per barrel, having dipped 1.1% the previous session. U.S. crude inventories dropped more than expected, falling 8.2 million barrels per day to 537 million barrels, much higher than analysts expectations of a drop of 710,000 barrels. Analysts predict a cap on prices, with recovery happening around the fourth quarter.