On Wednesday, Oil prices increased after an industry report indicated that US inventories of crude dropped more than analysts anticipated, supporting hopes that fuel demand on the world’s largest economy can withstand the coronavirus. 

Brent crude saw an increase of 1.2%, at $45.02 a barrel by 0648 GMT, after dropping roughly 1% on Tuesday. West Texas Intermediate oil was at an increase of 1.2%, at $42.10 a barrel, having fallen 0.8% in the previous session. 

The American Petroleum Institute (API) stated on Tuesday that crude stocks dropped by 4 million barrels the previous week, more than analysts’ predictions of a draw of 2.9 million barrels.