Oil extends gains as US crude inventories decline

Wednesday, 25. November 2020 20:17

Prices of crude continued to climb on Wednesday with West Texas Intermediate (WTI) jumping over 2.5% after data from the US Energy Information Administration showed that oil stockpiles in the United States fell by 0.8 million barrels last week.

Meanwhile, the Organization of the Petroleum Exporting Countries "sees a gradual return to pre-COVID oil demand levels," OPEC Secretary-General Mohammad Barkindo said, sparking optimism among investors over energy markets' recovery from the coronavirus crisis.

WTI for deliveries in January went up by 2.61% at 2:04 pm ET, selling for $46.02 per barrel, while Brent for the same month's settlement gained 1.98% to go for $48.86 per barrel a minute later.

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Breaking the News / GA