SULAIMANI (ESTA) — Oil prices rose again on Wednesday, after industry date showing a fall in U.S. crude oil stocks added to optimism about an expected rise in global fuel demand.
Brent crude was up by 4 cents at $61.13 at 0557 GMT after rising nearly 1% on Tuesday. U.S. West Texas Intermediate (WTI) futures added 1 cent to $58.35.
Crude inventories fell by 3.5 million barrels in the week to February 5 to about 474.1 million barrels, according to data from the American Petroleum Institute.
“A reading similar to the one reported by the API would likely continue to provide support to the market,” ING Economics said in a note, Reuters reported.
Crude oil stocks at the Cushing, Oklahoma, delivery point dropped by 1.4 million barrels, Reuters cited API as saying.
Oil prices have rallied since November as governments kicked off vaccination drives for COVID-19, while putting in place large stimulus packages to boost economic activity.
The world’s biggest exporter, Saudi Arabia, is unilaterally reducing supply in February and March, adding to cuts agreed by other members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies.
