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Oil rose to $46 a barrel on Wednesday, gaining for a third day, supported by a report that US crude inventories fell and as surveys showing stronger manufacturing raised hopes of a recovery from the coronavirus pandemic.<\/p>\n
US crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast. <\/p>\n
Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky. <\/p>\n
Brent crude, the global benchmark, was up 37 cents, or 0.8%, to $45.95 a barrel as of 0911 GMT, climbing for a third day. US West Texas Intermediate rose 34 cents, or 0.8%, to $43.10.<\/p>\n
\u201cMarket players are currently riding a wave of optimism, though it could come crashing down at any moment,\u201d said Stephen Brennock of oil broker PVM.<\/p>\n
US crude inventories were forecast to fall by 1.9 million barrels. <\/p>\n
The US government\u2019s Energy Information Administration issues its official figures at 1430 GMT, which will be scrutinised to see if they confirm the API\u2019s numbers. <\/p>\n
The EIA figures \u201cmay provide some short-term volatility but are unlikely to provide enough impetus to break oil out of its recent trading ranges,\u201d said Jeffrey Halley, analyst at broker OANDA. <\/p>\n
Oil has recovered from historic lows hit in April, when Brent slumped to a 21-year low below $16 and US crude went negative. <\/p>\n
A record supply cut by the Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, has helped support prices.<\/p>\n
The producers have begun to return some crude to the market as demand partially recovers and OPEC in August raised output by about 1 million barrels per day (bpd), a Reuters survey found on Tuesday. <\/p>\n
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