Oil Prices Continue to Climb after Large Crude Draw

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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.