Economy

Oil prices increase with fall in US crude stocks data

Strong decrease in inventory implies rise in crude demand in US, assuaging market concerns over falling demand

Zeynep Beyza Kilic  | 22.12.2022 - Update : 23.12.2022
Oil prices increase with fall in US crude stocks data

ANKARA 

Oil prices increased on Thursday with a larger-than-expected draw in US crude stocks ahead of colder winter months.

International benchmark Brent crude traded at $82.34 per barrel as of 09.35 a.m. local time (0635 GMT), up 0.17% from the closing price of $82.2 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) traded at $78.55 per barrel at the same time, a 0.33% gain after the previous session closed at $78.29 a barrel.

US commercial crude oil inventories decreased by 1.4% during the week ending Dec. 16, according to the Energy Information Administration.

Inventories fell by around 5.9 million barrels to 418.2 million barrels, against the market expectation of a decrease of around 167,000 million barrels.

A strong decrease in inventory implies a rise in crude demand in the US which support climbing oil prices amid ease of demand concerns.

Meanwhile, a recent rise in the number of COVID-19 cases in China, the second-largest oil consumer in the world, is expected to cap price increases.

The rise in COVID-19 cases in China is cause for concern, according to the World Health Organization.

Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
Related topics
Bu haberi paylaşın