oil prices today: Oil prices extend gains on lower US fuel inventories

Oil prices rose about 1% on Friday, extending gains from the previous session after data showed lower fuel inventories following the winter storm that hit the United States later in the year.

Brent crude futures last rose 79 cents, or 1%, to $79.48 a barrel by 0203 GMT, after rising 85 cents to $78.69 on Thursday.

U.S. West Texas Intermediate crude oil futures also rose 80 cents, or 1.1%, at $74.47 a barrel. They paid out 83 cents higher at $73.67 in the previous session.

Data from the US Energy Information Administration (EIA) showed on Thursday that distillate inventories, including diesel and hot oilfell more than expected in the week to December 30. They fell 1.4 million barrels against expectations for a drop of 396,000 barrels.

Meanwhile, America gasoline Stockpiles fell by 346,000 barrels last week, according to EIA data, compared with analysts’ expectations for a drop of 486,000 barrels.

While operating the service in China contracted in December for a fourth straight month amid rising COVID cases, slowing rate of decline while business confidence rose to a 17-month high.

China, the world’s largest crude oil importer, abruptly changed its strict zero COVID policy in early December after rare public protests, which led to an increase in infections across the country. across the country.


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