Oil prices rise ahead of US inventory data

1 min read
Oil prices rise ahead of US inventory data

Oil prices rose ahead of U.S. inventory data at a time when China is easing new types of coronavirus (Covid-19) restrictions, as well as rising demand.

Oil prices rise ahead of US inventory data

Brent crude futures rose 2 percent to $120.79 a barrel.

West Texas type (WTI) crude oil rose 0.2 percent to $119.65 a barrel.

According to the Reuters news agency, analysts expect a decline in U.S. crude oil inventories with last week’s data, even though gasoline and distillate stocks are higher.

But figures from the American Petroleum Institute showed that inventories of crude oil and petroleum products in the U.S. rose last week.

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