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Oil Settles Higher After Two Declines

M. Ali 24 December, 2020 12:00 am Commodities, Market Update

Oil prices rose on Wednesday, showing positive recovery signs after two consecutive declines, supported by a decline in crude inventories in the United States.

In addition, the decline of the US Dollar (USD) and renewed hopes for a Brexit trade deal are providing support for crude prices.

Brent crude futures for February delivery closed higher by $1.12, or 2.2%, at $51.20 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery leveled up by $1.10, or 2.3%, to finish at $48.12 per barrel.

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