Oil hits nine-month high on U.S. crude stock draw

17.12.2020 - Davydova Maria
Oil hits nine-month high on U.S. crude stock draw

Oil prices hit a nine-month high on Thursday after U.S. crude inventories fell last week, while progress in a U.S. stimulus deal and higher Asian demand supported prices.

Brent crude futures climbed 0.9%, or 45 cents, at $51.53 per barrel. U.S. West Texas Intermediate crude futures gained 1%, or 46 cents, at $48.28 per barrel. Both contracts hit their strongest levels since early March.

U.S. crude stockpile dropped by 3.1 million barrels in the week ended Dec. 11, contrary to analysts’ expectations for a 1.9-million-barrel drop. 

Also supporting prices, U.S. lawmakers made progress in a $900 billion coronavirus relief package on Wednesday. The United States also expanded its COVID-19 vaccine rollout to the frontliners of the pandemic. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?