Oil prices rose on Wednesday, supported by a larger-than-expected drop in crude stocks in the United States and Britain’s approval of a second anti-Corona virus vaccine, but it is under pressure from dwindling hopes for a strong recovery in demand.<\/p>\n\n\n\n
Brent crude futures, the global benchmark, ended the trading session up 25 cents, or 0.49%, to settle at 51.34 dollars a barrel, but they are still much lower than their level at the beginning of the year of 66 Dollars.<\/p>\n\n\n\n
U.S. West Texas Intermediate crude futures rose 40 cents, or 0.83%, to settle at $ 48.40 a barrel, but they are also much lower than about $ 62 recorded at the beginning of 2020.<\/p>\n\n\n\n
Prices recovered from their initial losses after a report from the US Energy Information Administration showed that crude inventories in the United States fell by 6.1 million barrels last week to 493.5 million barrels.<\/p>\n\n\n\n
However, dealers indicated that US oil inventories are still ending the year, more than ten percent higher than the last week of 2019.<\/p>\n\n\n\n
Oil prices received some support today from the decline of the US dollar against a basket of the currency to its lowest level since 2018, which makes the crude priced in the US currency cheaper for holders of other currencies.<\/p>\n\n\n\n
The market is awaiting the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, on January 4.<\/p>\n\n\n\n
OPEC+ is working to trim record oil production cuts it implemented this year to support the market. The group is set to increase production by 500,000 bpd in January. <\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Wednesday, supported by a larger-than-expected drop in crude stocks in the United States and Britain’s approval of a second anti-Corona virus vaccine, but it is under pressure from dwindling hopes for a strong recovery in demand. Brent crude futures, the global benchmark, ended the trading session up 25 cents, or 0.49%, …<\/p>\n","protected":false},"author":9,"featured_media":34232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6975,6846],"class_list":["post-39253","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-crude","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=39253"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39253\/revisions"}],"predecessor-version":[{"id":39255,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39253\/revisions\/39255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/34232"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=39253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=39253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=39253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}