Oil declines amid rise in US stockpiles

Oil prices fell on Thursday after latest industry data showed US crude stocks rose last week, and as Joe Biden took over as the President of the United States.

Investors also await updates on the anticipated financial stimulus package from the Biden administration, which might help support US economic activity and demand for crude.

Global developments related to the coronavirus continue to affect investor sentiment, as China imposed new restrictions in Beijing after noting first infection of the muted COVID-19 strain.

In terms of trading, international benchmark Brent crude was down 0.2% at $55.95 per barrel, at 9 am Makkah time.

WTI crude fell 0.3% to $53.15 a barrel.

US crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from the American Petroleum Institute.

The weekly inventory report by the US Energy Information Administration is expected to release on Friday, Jan. 22, 2021.