Oil Prices Continue Climb On Large Crude Draw.
The American Petroleum Institute (API) on Tuesday reported a decrease of 4.785 million barrels of crude oil in the U.S. crude oil inventories for the week ending Dec. 25.
U.S. benchmark crude futures have risen almost 6% so far this month amid optimism around the development of Covid-19 vaccines and the Stimulus bill. yet the pandemic continues unabated worldwide and threatens the demand for fuels once again, with the virus making a comeback in many countries in Asia.
| West Texas Intermediate for February delivery traded at $48.12 a barrel at 4:44 p.m. after settling at $48 a barrel in New York. |
- Brent for February settlement climbed 23 cents to end the session at $51.09 a barrel.
- Trading volumes for both benchmarks were below their average levels over the previous 10 sessions
OPEC+ will meet next week to decide on production levels for February.
Russia plans to support a further gradual increase in OPEC+ production at the next meeting in January, because crude prices are within an optimal range.