SULAIMANI (ESTA) — Oil prices rose on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China reported its lowest daily rise in coronavirus cases.
Brent crude futures climbed 42 cents to $56.33 a barrel at 0616 GMT, adding to a small gain on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents to $52.99 a barrel.
“WTI is slightly firmer on the back of a larger-than-expected draw in US crude inventories reported by the API, which is offset by builds in gasoline and distillates,” Reuters cited Vandana Hari, oil market analyst at Vanda Insights, as saying.
The American Petroleum Institute (API) reported crude oil inventories in the United States, the world’s biggest oil consumer, fell by 5.3 million barrels in the week to January 22, Reuters reported.
Still, prices were supported by easing worries about a sharp drop in travel over the Lunar New Year in China, the world’s largest oil importer, as the number of COVID-19 cases appears to be declining.
Official date showed 75 new confirmed cases of the novel coronavirus on Wednesday, the lowest daily rise since January 11, according to Reuters.
