Brent rises by more than 1%

Oil surged after Tuesday's decline as investors are studying the situation with coronavirus in China and data on fuel inventories in the United States.

Report informs that Brent's July futures rose by $1.15 (1.1%) to $106.12 per barrel on London's ICE. On Tuesday, Brent dropped by $2.61 (2.4%), to $104.97 per barrel.

June futures for WTI rose by $1.27 (1.24%) to $103.68 per barrel on NYMEX. The futures dropped by $2.76 (2.4%) to $102.41 per barrel in the previous session.

Oil inventories in the United States dropped by 3.5 million barrels last week, API reported earlier. Analysts expected a more moderate decline of 800,000 barrels. The Energy Information Agency (EIA) is expected to publish official data on inventories on Wednesday.

The market is still concerned about persisting lockdowns in China, the world's biggest fuel importer, which may have a negative impact on global demand for oil.