Oil prices rise ahead of US inventories data

10/11/2021 Argaam

Oil drilling rigs

Oil prices climbed on Wednesday after industry data showed crude stockpiles in the US declined last week as travel demand picked up with pandemic curbs easing.

 

The international benchmark Brent crude was trading up 0.4% at $85.13 per barrel, at 7.00 am Makkah time.

 

WTI crude rose 0.1% to $84.26 per barrel.

 

According to American Petroleum Institute data, US crude stocks declined by 2.5 million barrels for the week to Nov. 5, Reuters reported.

 

The US Energy Information Administration (EIA) report on crude inventories is expected later today.

 

Meanwhile, trading giant Vitol Groups CEO Russell Hardy said that oil demand had returned to pre-pandemic levels and that the first quarter of 2022 could see demand exceed 2019 levels.

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