Oil trades higher as US crude stockpiles drop
Crude futures moved up 1% on Wednesday after the American Petroleum Institute (API) reportedly said that the crude oil inventories in the United States decreased by 5.82 million barrels the day before.
The optimism among traders was bolstered by hopes that the vaccine rollout could help with efforts to bring an end to the COVID-19 pandemic.
West Texas Intermediate (WTI) futures for February delivery rose 1.00% at 1:56 am ET, to go for $53.74, while March Brent gained 1.1% at the same time, selling for $57.2.
Get involved!
Comments