Oil prices continue to rise during trading on Wednesday


Oil prices extended their gains during trading on Wednesday, after the disclosure of inventory data in the United States.

The Energy Information Administration in the United States revealed that oil inventories fell by 800 thousand barrels per day during the week, contrary to analysts’ expectations.

While the US production of oil increased to 11 million barrels per day during the past week, an increase of 100,000 barrels from the previous week.

Crude prices achieved strong gains in the past sessions, with positive news regarding the Coronavirus vaccine.

Meanwhile, investors hope that OPEC + will extend oil production restrictions again, when the organization meets next week.

By 6:25 pm GMT, the price of US crude “Nymex” crude futures for January delivery rose 1.1 percent to $ 45.47 a barrel.

The price of futures contracts for Brent crude for January delivery rose about 1 percent to $ 48.36 a barrel.


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