Oil prices rise amid demand updates

Oil extended gains on Thursday, after it rose by more than 2% in the previous session for the first time in three days, as investors followed updates on crude demand and other political developments across the world.

“Oil markets are quiet as all investors are in a holiday mode,” Reuters reported, citing Hiroyuki Kikukawa, general manager of research at Nissan Securities.

“Lower US inventories of crude and fuels as well as signs of a potential Brexit deal, which led to weaker US dollar, were good news, but lingering worries over a new variant of the novel coronavirus capped gains,” he said.

In terms of trading, Brent crude was up 0.7% at $51.58 per barrel, at 9 am Makkah time.

The US West Texas Intermediate also rose 0.7% to $48.44 a barrel.