Wed, 20 Jan 2021

Oil prices rise as U.S. inventories drop

26 Nov 2020, 07:18 GMT+10

NEW YORK, Nov. 25 (Xinhua) -- Oil prices rose on Wednesday after data showed an unexpected fall in U.S. crude stockpiles last week.

The West Texas Intermediate (WTI) for January delivery gained 80 cents to settle at 45.71 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 75 cents to close at 48.61 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 0.8 million barrels during the week ending Nov. 20, the U.S. Energy Information Administration (EIA) reported on Wednesday. Analysts polled by the Reuters had estimated the EIA publication would show a 127,000-barrel rise in U.S. crude stocks last week.

On Tuesday, the WTI and Brent surged 4.3 percent and 3.9 percent, respectively, fueled by positive market sentiment.

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