Oil prices rise over 1%

NEW YORK:

Oil prices rose on Wednesday after government data showed US crude and fuel inventories fell, offsetting worries that rising coronavirus cases might reduce demand. Brent crude rose $1.16, or 1.5%, to $80.10 a barrel by 1555 GMT. US West Texas Intermediate (WTI) crude rose $1.25, or 1.7%, to $77.23 a barrel. Both contracts are trading near their highest in a month, aided by strength in global equities. Crude inventories fell by 3.6 million barrels in the last week to 420 million barrels, compared with analysts’ expectations in a Reuters poll for a 3.1 million-barrel drop. US gasoline stocks fell by 1.5 million barrels in the week to 222.66 million barrels, compared with analysts’ expectations in a Reuters poll for a 0.5 million-barrel rise. Distillate stockpiles fell by 1.7 million barrels in the week to 122.43 million barrels, versus expectations for a 0.2 million-barrel rise, the EIA data showed. “It draws across the board which are supportive,” said John Kilduff, partner at Again Capital LLC in New York.

Published in The Express Tribune, December 30^th, 2021.

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