Home / Market Update / Commodities / Oil Settles Higher After Two Declines

Oil Settles Higher After Two Declines

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.

Check Also

Oil Prices Edge Higher but Remain Pressured by Trade and Supply Concerns

Oil prices inched higher on Monday, but gains remained modest as uncertainty over U.S.-China trade …