Oil rises in price amid stocks decease in the US

On Thursday, oil prices rose in the course of trading amid the publication of data on declining US stocks, which bolstered investor hopes for a recovery in demand and reports of a potential trade agreement between the UK and the European Union, Interfax-Ukraine reports.

The cost of February futures for Brent on the London ICE Futures exchange is $51.60 per barrel, which is $0.40 (0.78%) higher than the price at the previous session's close. As a result of trading on Wednesday, these contracts rose by $1.12 (2.24%) up to $51.20 per barrel.

The price of February futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) is $48.46 per barrel, which is $0.34 (0.71%) higher than the previous trading. On Wednesday, futures rose in price by $1.1 (2.34%) up to $48.12 per barrel.

US commercial oil stocks fell 562,000 barrels last week, according to a weekly report from the state’s energy ministry.

Meanwhile, with links to diplomatic sources, the European media reported that the UK and the EU are approaching the successful completion of the negotiations.

The oil market is also supported by the news of the resumption of communications between France and the UK, Axi experts write.

EU and UK citizens travelling to their state or country of residence and third-country nationals enjoying the right to move freely in the EU should be exempted from further time constraints, provided they undergo testing or quarantine, Brussels says.

Since Wednesday, France has allowed entry from the UK to French, EU and third-country nationals who are residents of France if they test negative for COVID-19.