Oil prices rise ahead of US inventory data release

27/01/2021 Argaam

Oil prices edged up on Wednesday after industry data showed a decline in US crude stockpiles and as China reported its lowest daily rise in COVID-19 cases.

 

The number of COVID-19 cases in China appeared to be declining. Official data showed 75 new confirmed cases of COVID-19 on Wednesday, the lowest daily rise since Jan. 11.

 

In terms of trading, international benchmark Brent crude was up 0.7% at 56.31 per barrel, at 9 am Makkah time.

 

WTI crude rose 0.7% to $53 a barrel.

 

Meanwhile, crude oil inventories in the US fell by 5.3 million barrels in the week to Jan. 22, according to the American Petroleum Institute.

 

The US Energy Information Administration is due to release official stockpile data later today.

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