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Oil Closes Higher and Maintains Upward Trend

M. Ali 17 December, 2020 12:30 am Commodities, Market Update

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.

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