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Oil climbs as U.S. inventory withdrawn

by Bunkerist
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Petrol, Perşembe günü hafif tatil ticaretinde yükselişini artırırken, ABD hisse stoklarındaki düşüş talep umutlarını artırırken, yakında gerçekleşecek bir Brexit anlaşmasının ipuçları yatırımcıların risk iştahını destekledi.

Brent crude futures rose 17 cents, or 0.3%, to $51.37 a barrel by 0745 GMT, while West Texas Intermediate (WTI) crude increased 10 cents, or 0.2%, to $48.22.

Both contracts gained more than 2% on Wednesday.

Lower U.S. inventories of crude and fuels as well as signs of a potential Brexit deal which led to weaker U.S. dollar were good news. Investors in the holiday mode of the oil markets are quiet. Concerns about the new variant of the coronavirus continue. A softer dollar makes commodities priced in dollars more affordable for owners of other currencies.

The Energy Information Administration said on Wednesday that U.S. crude oil stocks fell 562,000 barrels per week to 499.5 million barrels on the week of December 18. Gasoline stocks surprisingly dropped by 1.1 million barrels to 237.8 million barrels, while distillate stocks fell by more than 2.3 million barrels to 148.9 million barrels.

Oil prices also received support from reports that the UK and the European Union were on the verge of signing a narrow trade deal on Thursday, shifting from a chaotic final to the Brexit split.

Risk appetite among investors has also increased due to the recovery in global stocks, underlining that fears about a new variant of the coronavirus have eased somewhat.

At least four drug manufacturers expect COVID-19 vaccines to be effective against the new rapidly spreading variant of virus in Britain, and tests are underway to provide confirmation within a few weeks.

Still, the situation for some investors regarding oil demand remains tense as the Americans being warned of Christmas travels due to an increase in cases.

On the supply side, US energy firms increased the number of oil and gas rigs this week for the fifth consecutive week. The number of oil and gas drilling rigs, which is an early indicator of future production, increased by 2 to 348 on the week of December 23.

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