Oil rises for fourth consecutive day

Oil prices maintained their upward momentum for the fourth consecutive session today, Dec. 22, after data showed a decrease in US inventories and as investors await the repercussions G7 sanctions against Russian crude exports and revenues.

 

International benchmark Brent crude rose 0.41% to $82.54 a barrel, at 8:53 am Makkah time. West Texas Intermediate (WTI) crude gained 0.46% to reach $78.65 a barrel.

 

Oil found support in hopes that China would further ease restrictions related to COVID-19, which is expected to positively influence demand for crude

 

Investors are also awaiting updates on when the Keystone pipeline -- which carries Canadian crude to the United States -- will resume after TC Energy said it had sent the ruptured section of the pipeline for metallurgical testing.

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