Oil prices edge up amid report of decline in US stockpiles

Oil drilling rigs

Oil rebounded today, April 20, as industrial activity picked up in China, and reports of a decline in US crude stockpiles.

Brent crude was trading up 1.36% at $108.71 per barrel, at 10.04 am Makkah time. West Texas Intermediate (WTI) crude rose 0.95% to $103.53 a barrel.

Companies in Shanghai, including carmakers, are now starting to resume their operations as the city seeks to recover from the economic damage of the COVID-19 lockdowns.

Meanwhile, American Petroleum Institute reported that US crude stockpiles declined by about 4.5 million barrels last week. Official data from the US Energy Information Administration is expected later today.