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Crude oil prices rise amid a decline in weekly inventories
Crude oil prices rise amid a decline in weekly inventories
December 31, 2020
Crude oil prices are trading in the green although they have been wavering over the past week.
EIA s data showed a decline of 6.065 million barrels in the weekly US oil stockpiles
OPEC+ alliance is scheduled to meet on 4th January to deliberate on the viability of increasing oil supplies.
The wavering of crude oil prices over the past week is a sign that investors just want to close their books and wait for the new year. On Thursday, crude oil futures were on a high as a reaction to yesterday’s bullish stockpiles data from the EIA. Besides, investors looking to trade oil are keeping an eye on the OPEC+ meeting scheduled for next week. As at 05.28 GMT, WTI futures were up by 0.06% to $48.32. Similarly, Brent futures rose by 0.09% to trade at $51.56.
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