Oil gains as demand for US stockpiles draw

Oil gains as demand for US stockpiles draw

Picture used for illustrative purpose. File



Gulf Today Report

Oil rose on Thursday as US stockpiles recorded a drawdown due to holiday trade and hints for a Brexit deal soon excited investors.

Brent crude futures rose 38 cents, or 0.7%, to $51.58 a barrel by 05:30 GMT while US West Texas Intermediate (WTI) crude futures increased 31 cents, or 0.6%, to $48.43.

 Oil rose on Thursday as US stockpiles recorded a drawdown due to holiday trade and hints for a Brexit deal soon excited investors. 

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Hiroyuki Kikukawa, general manager of research at Nissan Securities said investors are in holiday mode and worried about the new coronavirus variant, hence, limiting gains.

US stockpiles declined by 562,000 barrels to 499.5 million barrels on Wednesday.

Supporting gains of oil prices is