Brent rises near $49 after US inventories data

Economies.com
2020-12-02 17:33PM UTC

Oil prices rose during on Wednesday, to extend gains after the US inventories data showed a drop.

 

The US Energy Information Administration reported today that crude inventories fell 700,000 barrels to 488.0 million barrels during the past week, while analysts forecast a rise by 1.7 million barrels.

 

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 4.1 million barrels during the same period.

 

The dollar index fell against a basket of major currencies by 0.1% to 91.1 points as of 17:18 GMT, after hitting a high of 91.5 points and a low of 91.1 points.

 

Bloomberg quoted sources that OPEC and its allies are making tangible progress in their talks for an agreement on delaying the planned hike in production.

 

As of 17:15 GMT, WTI crude January futures rose 3% to $45.8 a barrel, after hitting a high of $45.9 and a low of $43.9.

 

Brent January futures rose 2.7% to $48.7 a barrel, after hitting a high of $48.7 and a low of $46.8.

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