Business

Oil prices record gains following fall in US stocks

10 Feb 2021

Picture used for illustrative purpose. File

Gulf Today Report

Oil prices edged higher on Wednesday following industry data indicating a fall in US crude oil stocks that boosted hope for a rise in global fuel demand.

Brent crude was up by 11 cents, or 0.2%, at $61.20 by 01:10 GMT while US crude gained by 2 cents to $58.28.

According to data from the American Petroleum Institute, crude inventories fell by 3.5 million barrels in the week to Feb. 5 to about 474.1 million barrels.

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In a note, ING Economics said, "a reading similar to the one reported by the API would likely continue to provide support to the market."

Since the kick-off of COVID-19 vaccination in November, oil prices have rallied.

Some analysts are now forecasting the likelihood of a supply deficit in 2021 as more populations get vaccinated and start going away on trips and working in offices, potentially boosting fuel demand.