Oil closes positive amid hopes of higher demand in US

Oil drilling rigs

Oil prices extended gains today, Dec. 11, following weekly US inventory data showing a rise in demand for crude and its derivatives.

Brent crude futures for February 2025 delivery rose 1.85%, or $1.33, to $73.52 a barrel.

WTI crude futures for January 2025 delivery rose 2.5%, or $1.7, to $70.29 per barrel.

The Energy Information Administration data revealed that US crude inventories fell by about 1.4 million barrels during the week ended Dec. 6, after inventories at the Cushing delivery center—the largest storage center in the US—fell by 1.3 million barrels.

The weekly report showed that oil demand—measured by finished products supplied to the market—rose by about 189,000 barrels per day to 20.2 million barrels per day, with crude production increasing by 118,000 barrels to exceed 13.6 million barrels per day.

Meanwhile, the European Union approved the 15th package of sanctions on Russia over its war against Ukraine, which could lead to a reduction in global crude supplies.