Oil prices rise amid decline in US stockpiles

05/05/2021 Argaam

Oil rigs

Oil prices rose on Wednesday after industry data showed that US crude inventories declined last week, and amid optimistic views on recovery in global fuel demand as COVID-19 restrictions are eased in Europe and the US.

 

International benchmark Brent crude was trading up 0.7% at $69.41 per barrel, at 9.50 am Makkah time.

 

WTI crude also rose 0.7% to $66.17 per barrel.

 

The American Petroleum Institute (API) industry group reported crude stockpiles fell by 7.69 million barrels in the week ended April 30.

 

Official data on US inventories is expected later today from Energy Information Administration (EIA).

 

Meanwhile, the number of coronavirus cases continues to rise in India, with some estimates indicating that the number of deaths may double.

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