Brent trades near $75.50 ahead of US crude inventories data

23/06/2021 Argaam

Oil prices rose on Wednesday ahead of data on US oil inventories and amid positivity towards global demand recovery.

 

The international benchmark Brent crude was trading up 0.8% at $75.41 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.6% to $73.30 per barrel.

 

"(OPEC+) group once again faces some tough decisions as the market continues to show tightness. Global progress in COVID-19 vaccination campaigns have seen consumer mobility across US, China and Europe recover sharply," Reuters reported, citing ANZ commodity analysts.

 

The American Petroleum Institute report showed that US crude stocks fell by 7.2 million barrels for the week ended June 18.

 

The official data from the US Energy Information Administration is due later today.

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