For the fourth day in a row, the black gold is recovering, as oil prices rose on Thursday as inventories of crude, fuel oil and jet fuel dwindled in the United States as a winter storm swept across the country and travel was set to taper off for the holiday season.
Sharjah 24 – Reuters:
Oil prices rose on Thursday for a fourth straight day as inventories of crude, fuel oil and jet fuel fell in the United States as a winter storm swept across the country and travel is expected to resume for the holiday season.
At 04:22 GMT, Brent crude oil futures were up 44 cents, or 0.54%, to $82.64, extending gains about 2.7% from the previous session.
West Texas Intermediate crude oil futures rose 49 cents, or 0.63%, to $78.78.
Both crude futures rose Wednesday after government data showed U.S. crude inventories fell at a much faster rate than analysts expected, as they fell by 5.89 million barrels in the week ending 16 December.
The decline in inventories comes as demand for heating oil is expected to increase in light of the severe winter storm sweeping across the United States.
