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Oil prices rise on strong crude and gasoline demand in US

Oil prices rise on strong crude and gasoline demand in US
US commercial crude oil stocks drop by 4.6 million barrels in week ending Dec. 10, exceeding expectations of 2.6 million-barrel fall

By Zeynep Beyza Kilic

ANKARA (AA) - Global oil prices rose supported by the greater-than-expected fall in US crude stocks on Thursday.

International benchmark Brent crude was trading at $74.65 per barrel at 0630 GMT for a 1.04% rise after closing the previous session at $73.88 a barrel.

American benchmark West Texas Intermediate (WTI) was at $71.72 per barrel at the same time for a 1.19% gain after trade ended at $70.87 a barrel in the previous session.

US commercial crude oil stocks totaled 428.3 million barrels in the week to Dec. 10, with a 1.1% drop equating to 4.6 million barrels from the previous week against the market expectation of a 2.6 million-barrel fall.

Gasoline stocks in the US decreased by 0.3%, or 700,000 barrels, to 218.6 million barrels last week.

Despite an increase in Covid-19 cases, the drop in US crude and gasoline inventories indicates strong demand in the country.

source: News Feed
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