Oil
prices gained on Wednesday in Asia even after the American Petroleum Institute (API) said U.S. oil inventories increased last week.

U.S. Crude Oil WTI Futures gained 1.0% to $50.12 by 11:50 PM ET (03:50 GMT). International Brent Oil Futures also rose 1.2% to $54.59.

Oil prices began their rallies yesterday after reports said the OPEC+ representatives meeting in Vienna discussed additional cuts of up to 1.0 million barrels per day to cope with lost demand from China’s coronavirus crisis.

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