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Oil Prices Hit $56/barrel as US Inventory Falls

Oil prices rose more than 0.5% on Wednesday, with WTI trading near $53 a barrel and Brent crude above $56 a barrel, after the American Petroleum Institute data showed crude oil inventories in the United States unexpectedly fell by 5.3 million barrels in the week to January 22nd.

Also, traders welcomed reports that China, the world’s second-biggest oil importer, reported the lowest daily rise in COVID-19 cases in over two weeks, ahead of the Lunar New Year festival.

On the supply side, Iraq is cutting its oil output to compensate for excess production over its OPEC+ output quota. Traders now await official oil inventory data from the US EIA later in the day.

Trading Economics

About Babajide Iletogun

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