Oil prices rise amid falling US inventories

18/12/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose on Wednesday as investors evaluated a 25-basis-point US interest rate cut. This also came amid the fourth consecutive weekly decline in US crude inventories.

 

Brent crude futures for February 2025 delivery rose 0.25%, or $0.20, to settle Wednesday at $73.39 a barrel. Similarly, futures prices for US West Texas Intermediate (WTI) crude for January 2025 delivery added 0.70%, or $0.50, to $70.58.

 

The US central bank slashed interest rates by 25 bps and predicted in its quarterly report two additional rate cuts, bringing borrowing costs to a range of 3.75% to 4% by the end of 2025, with two more cuts in 2026, lowering the rate to 3.4%.

 

The US crude oil inventories fell by 900,000 barrels in the week ending December 13, marking the fourth consecutive decline, data from the Energy Information Administration showed.

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