Oil gives up earlier losses to finish higher as gasoline futures rally
Oil futures gave up earlier losses Wednesday to finish higher, getting a boost as gasoline futures rallied by more than 20% on the back of a drop in weekly production. Oil prices found support as U.S. benchmark stock indexes climbed amid hope for a coronavirus rescue package. Meanwhile, U.S. gasoline production fell to 8.96 million barrels per day for the week ended May 20, from 9.97 million barrels a day a week earlier, according to the Energy Information Administration. Traders have been concerned that the COVID-19 shutdowns have led to less travel, and less demand for fuel, and the fall in gasoline production helped ease those worries. May West Texas Intermediate oil CLK20, 3.290% rose by 48 cents, or 2%, to settle $24.49 a barrel on the New York Mercantile Exchange. April gasoline RBJ20, 30.336% added 10.3 cents, or 23.2%, to 54.68 cents a gallon.