Crude ETFs Rally On Declining Output And Hopes For Country To Reopen

Crude oil is climbing higher on Wednesday amid optimism that a coronavirus drug could lead to an earlier economic recovery while U.S. crude output continued to drop.

The Energy Information Administration (EIA) reported U.S. crude output slipped to 12.1 million bpd last week from 12.2 million in the prior week and has fallen from the crest of 13.1 million bpd that occurred in early March.