Oil prices jumped again today after the US administration released strong economic data, which showed that the world’s largest oil consumer is on its way to recovery.
Brent jumped by 21 cents to $114.57 a barrel, while US oil rose by eight cents to $97.65, reported Reuters.
Go deeper with GlobalData
Investors, however, moved their focus to the result of a two-day Federal Reserve policy meeting that commenced on Tuesday alongside the first assessments of the fourth-quarter US gross domestic product.
The Federal Reserve earlier said that it expects to keep short-term US interest rates remarkably low, in order to provide support to the economy.
On Tuesday, the American Petroleum Institute (API) released its data, which showed that US crude stocks increased by 4.2 million barrels last week.
The API also said that crude stocks at Cushing dropped 15,000 barrels, while gasoline stocks jumped by 2.4 million barrels and distillate stocks slipped by 1.8 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 GlobalDataAnalysts had anticipated US crude stocks to increase by 2.6 million barrels, ahead of Energy Information Administration’s weekly inventory data slated for release on Wednesday.
A Reuters poll suggested that China’s manufacturing growth in January expanded at its fastest rate in nine months, which indicated that the pace of recovery is surging ahead as domestic demand continues to increase.
Oil prices also got support from Germany, where consumer confidence rose for the first time in four months, while in France, consumer morale remained steady in January.
Further rises in prices were however capped due to supply concerns from the Middle East, where around 65 people were found to be shot dead in Aleppo in northern Syria on Tuesday.
According to activists, the recent killing is a "new massacre" in the two-year revolt against President Bashar al-Assad.
