Oil up slightly ahead of US inventory data

Oil drilling rigs

Oil prices rose slightly during trading today, Jan. 22, after US President Donald Trump eased tensions with Europe over his claim to Greenland. Investors are also awaiting the official US inventory data.

Brent crude was trading up 0.1% at $65.30 a barrel, at 08:58 am Makkah time. West Texas Intermediate (WTI) rose 0.25% to $69.76 a barrel.

President Trump, on Jan. 21, hinted that an agreement on the Danish territory was close, ruling out the use of force to end a dispute that threatened the worst rift in transatlantic relations in decades.

The US Energy Information Administration is scheduled to release official inventory data later today, delayed from its usual date due to the Martin Luther King Jr. Day holiday earlier this week. Data from the American Petroleum Institute showed crude oil inventories rose by more than three million barrels last week.