Oil prices rally amid falling inventories & hopes of demand recovery ...United Arab Emirates

Prices of key global oil benchmarks Brent and US West Texas Intermediate (WTI) have surged on Wednesday following positive news on crude inventories. Brent crude futures were up over four percent, climbing above $36 per barrel for the first time since April 9. Meanwhile, WTI contracts for July delivery jumped more than five percent to $33.62 per barrel. Both benchmarks extended Tuesday’s gains, which came thanks to positive data from the American Petroleum Institute (API). The estimates showed that US crude inventories fell by 4.8 million barrels to 521.3 million barrels in the week ending May 15, instead of the feared inventory buildu

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