Oil declines ahead of US inventories data

Oil declines ahead of US inventories data

Oil prices eased slightly on Wednesday ahead of official data on US crude stockpiles, and as industry report showed a decline in inventories. International benchmark Brent crude was trading down 0. 1 percent at $61. 03 per barrel, at 7 am Riyadh time. WTI crude fell 0. 2 percent to $58. 23 a barrel. US crude inventories decline by 3. 5 million barrels in the week to Feb. 5 to about 474. 1 million barrels, Reuters reported, citing data from the American Petroleum Institute. Official Energy Information Administration (EIA) data on US stockpiles is due later today. Here are a few things you need to know as Saudi stocks start trading on Wednesday. 1) National Commercial Bank (NCB) reported net profit of SR 11. 4 billion ($3. 04 billion) for 2020, up 0. 3 percent year-on-year (YoY). 2) Saudi Public Transport Co.'s (SAPTCO) board of directors recommended withholding cash dividend for 2020. 3) Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit after Zakat and tax of SR 4. 5 million for the nine months period ended Dec. 31, 2020, a 56 percent YoY decline. 4) Ataa Educational Co. signed a binding memorandum of understanding