Oil gains more than 3% amid robust demand outlook, Brent exceeds $82

Oil drilling rigs

Oil closed on a positive note today, Jan. 11, amid optimistic demand outlook and despite US inventory data.

Investors are looking forward to the US inflation data due on Jan. 12, which may prompt the Federal Reserve to ease monetary policy and support the economic recovery.

Chinese companies scrambled to buy US oil shipments ahead of the Lunar New Year holiday, after the government issued a slew of import quotas, fueling speculation about improved crude consumption, Bloomberg reported.

The rise in oil prices today came despite data from the US Energy Information Administration, which showed an increase in crude stocks by 19 million barrels in the week ended Jan. 16, contrary to expectations of a drop of two million barrels.

Gasoline stocks in the US rose by 4.1 million barrels, while US exports of crude fell by more than two million barrels per day.

Brent crude futures for March delivery rose 3.2%, or $2.57, to settle at $82.67 a barrel.

WTI crude for February delivery increased by 3.1%, or $2.29, to $77.41 a barrel.