Oil Prices Accumulate Profits From Previous Sessions

Oil prices accumulate profits from previous sessions

Oil rates edged higher in the early session on Thursday after the US inventory draw. It extended its two per cent gains compared to the last session. Interestingly, data had shown that the stockpiles of the US crude had fallen the previous week.

On the other hand, OPEC and its affiliates were living up to the deal inked in September to curtail the output of oil.

The WTI crude jumped to $41.12 per barrel, a hike of 8 cents or 0.2 per cent, while Brent crude futures inched up to $43.39 a barrel, which is gains of 7 cents or 0.2 per cent.

Interestingly, oil prices are holding top position and jumped for the third consecutive day despite the deadlock over stimulus package and the continuous resurgence of the virus.

The heating oil and diesel exhibited a fall of 3.9 million barrels, while the crude stockpiles witnessed a fall of 5.4 million barrels.


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