Oil Prices Gain on US Crude Inventory Draw Data


30 December 2021

Oil prices rise moderately on Wednesday before the publication of data from the U.S. Department of Energy on energy reserves in the country, the Moscow-based Interfax News Agency reports.

The American Petroleum Institute, the largest U.S. trade association for the oil and natural gas industry, announced Tuesday that the U.S. crude-oil inventories fell 3.09 million barrels last week. At the terminal in Cushing, where oil traded on the NYMEX is stored, inventories increased by 1.594 million barrels.

In early morning trades, prices of February Brent futures rose on the London ICE Futures to $79.1 per barrel. On Tuesday, Brent was trading at $78.94 per barrel.

By this time, prices of February WTI futures increased on the New York Mercantile Exchange (NYMEX) to $ 76.02 per barrel. During the previous session, the contract was trading at $75.98 per barrel.

According to Trading Economics data website, oil prices are currently trading near monthly highs. At the same time, traders continue to evaluate news regarding the spread of a new strain of coronavirus and its consequences for the economy.