Brent rises marginally ahead of US stockpile report

29/12/2021 Argaam

Oil drilling rigs

Oil prices rose on Wednesday ahead of the weekly US stockpiles data report, which is anticipated to see a decline.

 

A delay in Britain and France on imposing more COVID curbs before the year-end supported crude prices, although the United States saw flight cancellations over the Christmas weekend.

 

Russian Deputy Prime Minister Alexander Novak said output by May is expected to hit pre-pandemic levels, or about 11.33 million barrels per day (bpd) of oil and gas condensate, as seen in April 2020.

 

Brent crude rose 0.2% to $79.11 a barrel by 9 am Makkah. US West Texas Intermediate (WTI) crude climbed to $76.03 a barrel.

 

On the other hand, American Petroleum Institute data showed US crude stocks fell by 3.1 million barrels in the week ended Dec. 24.

 

The US Energy Information Administration is due to release weekly data later today.

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