News Karnataka
Thursday, February 29 2024
Business

Oil prices surge on fall in US inventory, Saudi supply cut

Photo Credit :

Oil prices surge on fall in US inventory Saudi supply cut mainNew Delhi: Crude oil prices rose on Wednesday, with the Brent crude trading above $57 per barrel, due to decline of stockpiles in the US.

The March contract of Brent crude futures on the Intercontinental Exchange (ICE) is currently trading at $57.37 per barrel, higher by 1.40 per cent from its previous close.

The WTI crude is trading near $54 per barrel. The February contract of WTI futures on NYMEX is current at $53.87 per barrel, higher by 1.24 per cent from its previous close.

According to data from the American Petroleum Institute, crude oil inventory in the US declined by 5.8 million barrels in the week ending Friday, January 8.

Further, the higher supply cut recently announced by Saudi Arabia, for the months of February and March also are supporting the crude prices.

Apart from the supply concerns, the hope of improved demand on the back of the vaccine rollout across to globe to counter the pandemic also has been supportive for oil prices.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp