Oil rises ahead of US inventories data

17/03/2021 Argaam

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Oil prices rose on Wednesday amid concerns over the speed of demand recovery in Europe and ahead of data on US crude inventories.

 

International benchmark Brent crude was trading up 0.5% at $68.72 per barrel, at 9 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.6% to $65.16 per barrel.

 

While demand is growing in India and the United States, it remains weak in Europe, Reuters reported, citing ANZ research note. France’s road fuel consumption fell 10.8% in February from a year earlier, it added.

 

Meanwhile, US crude inventories fell by 926,000 barrels in the week to March 12, according to the American Petroleum Institute.

 

Official data on US stockpiles is due later today from the Energy Information Administration.

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