Oil rises nearly 2% on lower inventories in US
by ChemOrbis Editorial Team - content@chemorbis.com
Global crude oil futures closed around 2% higher on Tuesday on the back of a larger-than-expected draw in US oil inventories.
A report published by the American Petroleum Institute revealed that crude oil stocks in the US declined by 5.8 million barrels for the week ending January 8. Analysts had expected to see a 3 million decline in inventories.
WTI crude futures for February delivery surged 96 cents to settle at $53.21/barrel on Tuesday and Brent crude oil for March delivery closed $56.58/bbl, up by 92 cents from a day earlier. The weekly average data from ChemOrbis Price Wizard show that the recent figures pointed to the highest levels since mid-February.
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The energy complex seems to remain indifferent to renewed COVID-19 lockdowns around the globe for now as oil futures continue to preserve their upward trend during an intraday trading on Wednesday, with both benchmarks trading 1% higher at the time of writing.
A report published by the American Petroleum Institute revealed that crude oil stocks in the US declined by 5.8 million barrels for the week ending January 8. Analysts had expected to see a 3 million decline in inventories.
WTI crude futures for February delivery surged 96 cents to settle at $53.21/barrel on Tuesday and Brent crude oil for March delivery closed $56.58/bbl, up by 92 cents from a day earlier. The weekly average data from ChemOrbis Price Wizard show that the recent figures pointed to the highest levels since mid-February.
The energy complex seems to remain indifferent to renewed COVID-19 lockdowns around the globe for now as oil futures continue to preserve their upward trend during an intraday trading on Wednesday, with both benchmarks trading 1% higher at the time of writing.
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