Oil prices rise 2% amid fall in US inventories

02/01/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices extended their gains on Thursday, as investors assessed US data showing a decline in crude inventories for the sixth consecutive week.

 

Brent crude futures for March delivery leapt 1.75%, or $1.29, to $75.93 per barrel, the highest level since mid-October 2024.

 

The US West Texas Intermediate (WTI) crude futures for February delivery also increased 2%, or $1.41, to $73.13 per barrel.

 

US crude oil inventories declined by approximately 1.2 million barrels during the week ending Dec. 27. Inventories at the Cushing delivery hub – the largest storage facility in the US – decreased by about 200,000 barrels, data from the Energy Information Administration (EIA) revealed.

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