Oil quotations are going up on Wednesday after the publication of data from the American Petroleum Institute (API) about an unexpected reduction in US stocks last week, Interfax reports.
According to the API report, US oil stocks in the week ended January 22 fell by 5.27 million barrels after rising by 2.56 million a week earlier.
Iraq previously announced a decline in production in January-February to 3.6 million barrels per day from 3.85 million bpd in December. At the same time, the rise in coronavirus cases and slower-than-expected vaccine introduction in the US and Europe cloud the prospects for a recovery in oil demand in the first half of 2021, Trading Economics notes.
March futures for Brent rose in price on the London stock exchange ICE Futures by $0.35 (0.63%) to $56.26 per barrel. On Tuesday, the contract rose by $0.03 (0.1%) to $55.91 per barrel.
March futures for WTI rose in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.34 (0.65%) to $52.95 per barrel. During the previous session, WTI fell by $0.16 (0.3%) to $52.61 per barrel.