Oil price hikes: Brent went up to $57.28 per barrel

On Tuesday, oil quotations reached highs since February 21, 2020, continue to rise on Wednesday due to data from the American Petroleum Institute (API), which showed a more significant-than-expected decline in US stocks Interfax reports.

The market is also supported by the weakening US dollar and the Chinese authorities' rapid response to the coronavirus outbreak in the northern province of Hebei, which eased concerns about a new wave of COVID-19 and, accordingly, about a decrease in oil demand in China, AxiCorp analysts say.

March futures for Brent rose in price on the London stock exchange ICE Futures by $0.7 (1.24%) to $57.28 per barrel. On Tuesday, Brent rose in price by $0.92 (1.7%) to $56.58 per barrel.

February futures for WTI rose in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.57 (1.07%) to $53.78 per barrel. The contract rose by $0.96 (1.8%) up to $53.21 per barrel during the previous session.

WTI futures have risen in price continuously for six consecutive sessions.

According to API data, US oil inventories fell 5.8 million barrels in the week ended January 8. The decline was noted for the third week in a row and became the highest since the end of October. A week earlier, stocks fell by 1.7 million barrels.

Tags: oil, USA, Asia, coronavirus, price, oil deliveries, COVID-19, oil reserves, economy

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