Oil prices advance as US stockpiles decline
- Date: 27-Jan-2021
- Source: Gulf Today
- Sector:Oil & Gas
- Country:Middle East
Oil prices advance as US stockpiles decline
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices rise on Wednesday after data indicated an unexpected decline in US crude stockpiles and China reported its lowest daily rise in COVID-19 cases.
Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel while US West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel.
According to the American Petroleum Institute (API), crude oil inventories in the United State fell by 5.3 million barrels opposite of analysts forecast of a build of 430,000 barrels.
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