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Oil Prices Rose For Improvement In Oil Stocks

On Wednesday, December 23, oil futures increased in the range of 2.0 percent. Positive data from the EIA Agency, which showed a decrease in US stocks of crude oils, distillates and gasoline, provided support for oil prices. Thus, the rise in indicators reflected in the data released on the day by the American Petroleum Institute has not been verified. Moreover, the rise in oil prices is supported by strengthened sentiment on world markets against the backdrop of progress in the post-Brexit trade terms negotiations between the EU and the UK.

February futures for Brent crude oil added +2.24 percent on Wednesday and are at $51.20 while February futures for WTI crude oil traded +2.34 percent at $48.12 in positive territory.

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A shift in the mood of market participants for the better occurred at yesterday’s meeting, encouraged by optimistic figures from the EIA Agency, which reflected a decline in the reserves of oil and petroleum products in the United States.

Crude oil inventories decreased by 0.562 million barrels for the week ended December 18, compared to a decrease of 3.135 million barrels a week earlier, which, however, was worse than the estimate of -3.186 million barrels, but better than API data showing a rise of 2.7 million barrels.

At the same time, compared to a rise of 0.167 million barrels a week earlier, distillate stocks dropped by 2.325 million barrels, although analysts predicted a more modest fall of 0.904 million barrels.

Gasoline inventories have declined by 1.125 million barrels unexpectedly, compared to a rise of 1.02 million barrels in the previous week and a projected increase of 1.21 million barrels.

In addition to optimistic figures on the US oil sector, reports of progress in talks between EU and UK representatives on post-Brexit trade ties was backed by the demand for volatile assets, including oil. The parties have stated that they are in the final stage of the talks.

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