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Oil Settles Higher on Stockpiles Draw

M. Ali 4 November, 2020 10:23 pm Commodities, Market Update

Oil prices rose on Wednesday, after data showed a decline in US crude oil inventories.

Data by the US Energy Information Administration (EIA) showed on Wednesday that crude oil inventories in the United States declined by 8 million barrels for the week ended October 30.

Brent futures for January delivery closed higher by $1.17, or 3%, at $40.88 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude for December delivery added $1.10, or 2.9%, to settle at $38.76 per barrel.

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