Oil edges up ahead of data on US crude stockpiles

24/03/2021 Argaam

Oil prices edged higher on Wednesday, after declining 6% on the previous session, ahead of official data on US crude stockpiles and amid continued COVID-19 restrictions.

 

International benchmark Brent crude was trading up 0.3% at $60.95 per barrel, at 9 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.2% to $57.89 per barrel.

 

Germany extended its lockdown for another month, with citizens urged to stay at home over the Easter holiday.

 

Meanwhile, American Petroleum Institute data showed that US crude oil stocks jumped by 2.9 million barrels in the week to March 19.

 

Official data on US crude inventories is expected later today from the Energy Information Administration.

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