Oil prices firmed on Wednesday after data showed a big drop in U.S. crude inventories, although concerns mounting coronavirus infections will lead to reduced fuel demand capped gains. Brent crude was up 44 cents, or 1%, at $44.87 a barrel by 0810 GMT, while West Texas Intermediate oil rose 43 cents, or 1%, to $42.13 a barrel. U.S. crude inventories fell 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts’ expectations for a 3 million barrel drop, the American Petroleum Institute found. [API/S] Official figures are due later on Wednesday. “A bullish sentiment is justified initially today on the U.S. stocks news, but we believe bulls may need to take shelter back at the ranch in coming days, as COVID-19 takes again the centre stage,” Rystad Energy’s head of oil markets Bjornar Tonhaugen said. Coronavirus cases continue to rise. […]