Oil prices reach a nine-month record high

Gulf Today Report

Oil gained on Thursday following a government data of US crude stockpiles and development in US fiscal stimulus.

Brent crude futures rose 45 cents, or 0.9%, to $51.53 a barrel at 04:36 GMT, while US West Texas Intermediate (WTI) crude futures rose by 46 cents, or nearly 1%, to $48.28 a barrel.

This is the highest for the benchmarks since early March. 

READ MORE 

Oil inventories stock gain in Fujairah

Gold increases as US stimulus lower the dollar

Oil prices fall as US inventory gain

Edward Moya, senior market analyst at OANDA in New York said: "US stockpiles posted a larger-than-expected draw, three of India's refiners are operating almost at 100% capacity, indicating crude demand remains strong, and it seems the US will continue to deliver more monetary and fiscal stimulus, sending the dollar lower and most commodities higher."

 US lawmakers are edging closer to agreeing on a $900 billion stimulus package on Wednesday.

"The last full trading week of the year has been very bullish for crude prices as energy traders focus more on the light at the end of the COVID tunnel and as Asian demand remains strong," Moya added.