Oil rises after US inventory data, Brent above $82

21/12/2022 Argaam

Oil prices closed higher today, Dec. 21, following US inventories data and optimism about the demand outlook.

 

According to US Energy Information Administration data, crude oil inventories fell by 5.9 million barrels in the week ended Dec. 16, against the expectations for an increase of 2.5 million barrels.

 

Gasoline stocks in the United States rose by 2.5 million barrels, distillate stocks declined by 200,000 barrels.

 

Oil prices also found support in optimism about the recovery of demand in China, in addition to data showing a decline in Russian exports of crude following the G7 and EU sanctions.

 

Brent crude futures for February delivery rose 2.7%, or $2.11, to settle at $82.20 a barrel.

 

WTI crude for February delivery increased by 2.7%, or $2.06, to reach $78.29 per barrel.

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