Oil prices rose on Thursday for the fourth consecutive day as inventories of crude, heating oil and jet fuel grew tighter in the United States as a winter storm swept the country and travel was set to pick up for the holiday season.<\/p>\n\n\n\n
And by 0422 GMT, Brent crude futures rose 44 cents, or 0.54 percent, to $ 82.64, extending gains of about 2.7 percent from the previous session. US West Texas Intermediate crude futures rose 49 cents, or 0.63 percent, to $78.78.<\/p>\n\n\n\n
Both crude futures jumped on Wednesday after government data showed US crude inventories fell much more than analysts had expected, dropping 5.89 million barrels in the week ending December 16.<\/p>\n\n\n\n
Distillate output stocks, which include heating oil and jet fuel, also declined, contrary to expectations for an increase.<\/p>\n\n\n\n
The drop in inventories comes as demand for heating oil is expected to rise in light of the severe winter storm sweeping the United States.<\/p>\n\n\n\n
Jet fuel consumption is also expected to rise with the post-coronavirus travel recovery and the end-of-year holiday season.<\/p>\n\n\n\n
However, demand concerns stemming from rising coronavirus cases in China and concern of a global recession may dampen oil futures.<\/p>\n\n\n\n
A senior official at the World Health Organization said on Wednesday that China may have difficulty in accurately counting infections as the country is witnessing a significant rise in cases.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Thursday for the fourth consecutive day as inventories of crude, heating oil and jet fuel grew tighter in the United States as a winter storm swept the country and travel was set to pick up for the holiday season. And by 0422 GMT, Brent crude futures rose 44 cents, or 0.54 …<\/p>\n","protected":false},"author":9,"featured_media":74099,"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":[38,6827,49,36],"tags":[6832,6846,7004,6844],"class_list":["post-77420","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-china","tag-oil","tag-opec-2","tag-saudi"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77420","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=77420"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77420\/revisions"}],"predecessor-version":[{"id":77421,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77420\/revisions\/77421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/74099"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=77420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=77420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=77420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}