Oil declines ahead of US stockpiles data release

23/12/2020 Argaam

Oil prices declined on Wednesday ahead of US stockpiles data release, and amid concerns about the future of coronavirus relief package in the US.

 

President Donald Trump threatened to not sign a nearly $900 billion coronavirus relief bill, saying he wants Congress to increase the amount in the stimulus checks.

 

Brent crude was trading down 1.5% at $49.34 per barrel, at 9 am Makkah time.

 

US West Texas Intermediate also fell 1.5% to $46.32 a barrel.

 

Meanwhile, US crude inventories rose by 2.7 million barrels in the week to Dec. 18, American Petroleum Institute data showed.

 

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

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