The rise in oil prices rises with the decline in US inventories

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Oil prices rose on Wednesday, after sector data showed an unexpected decline in US crude stocks last week, and China, the second largest consumer of oil in the world, recorded the lowest daily level of increase in infections with the Corona virus in more than two weeks.
Brent crude futures rose 39 cents, or 0.7%, to $ 56.30 a barrel, to reinforce the limited gains made on Tuesday, and US West Texas Intermediate crude futures increased 37 cents, or 0.7%, to $ 52.98 a barrel, to recover from losses incurred Tuesday.Vandana Harry, money market analyst at Vanda Insights, said: “West Texas Intermediate crude rose slightly on the back of a larger than expected drop in US crude stocks, according to the American Petroleum Institute, which was offset by increases in gasoline and distillates.”

The American Petroleum Institute said that crude inventories in the United States, the world’s largest consumer of oil, fell by 5.3 million barrels in the week ending January 22, compared with analysts’ expectations in a Reuters poll for an increase of 430,000 barrels.





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