Oil prices grew in the wake of a drop in US crude inventories and over hopes of an imminent Brexit deal.
Brent crude futures grew 17 cents, or 0.3%, to touch at $51.37 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) crude grew 10 cents, or 0.2%, to reach at $48.22, reported Reuters.
Go deeper with GlobalData
Nissan Securities general manager of research Hiroyuki Kikukawa said: “Lower US inventories of crude and fuels, as well as signs of a potential Brexit deal which led to weaker US dollar, were good news.”
“But lingering worries over a new variant of the novel coronavirus capped gains,” he said.
According to the Energy Information Administration, crude inventories in the US dropped by 562,000 barrels in the week to 18 December to 499.5 million barrels.
Gasoline stocks dropped by 1.1 million barrels to 237.8 million barrels, and distillate stockpiles plunged by 2.3 million barrels to 148.9 million barrels.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOil prices gained support from reports that the UK and EU were on the verge of striking a trade deal.
Furthermore, the oil market drew support from the news that at least four drug manufacturers expect their Covid-19 vaccines to be effective against the new fast-spreading strain of coronavirus affecting the UK.
