Oil prices gain as US inventories decline

Gulf Today Report 

Oil advanced on Wednesday due to US stimulus package relief and a fall in crude oil inventories.

Brent crude futures rose 19 cents, or 0.4%, to $51.28 a barrel, by 02:55 GMT and US West Texas Intermediate (WTI) crude rose 29 cents, or 0.6%, to $48.29.

Stephen Innes, chief global market strategist at Axi said the decline in the dollar has supported oil prices. 

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The dollar recorded a sharp fall against the euro, its lowest in more than two years.

Oil prices are likely to advance as different parts of the world kick off vaccination programmes.

Crude oil stocks fell by 4.8 million barrels last week to about 492.9 million barrels, exceeding analysts' forecast for a draw of 2.6 million barrels.