government report showed total petroleum stockpiles dropped last week, led by the biggest weekly decrease in distillate inventories since early March.
However, a resurgence of the pandemic in countries such as India and Brazil are still raising concerns around a full-fledged global demand recovery in the near-term.
The Energy Information Administration report also showed domestic crude inventories rose by 90,000 barrels last week, smaller than the 4.32 million barrel increase reported by the industry-funded American Petroleum Institute on Tuesday.
The risks to the demand outlook are starting to show up in gauges of market health, however.