Home / Market Update / Commodities / Oil Closes Higher and Maintains Upward Trend

Oil Closes Higher and Maintains Upward Trend

Oil prices closed higher on Wednesday, amid hopes for a new stimulus package in the United States, and after a decline in US crude inventories last week.

Crude prices maintained their best levels since early March, as the global benchmark, Brent crude futures for February delivery gained 32 cents, or 0.6%, to close at $51.08 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery rose by 20 cents, or 0.4%, to finish at $47.82 per barrel.

Check Also

PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears

The Pound Sterling (GBP) faced renewed pressure against the US Dollar (USD) this week, with …