Oil prices advance as US stockpiles decline

Gulf Today Report 

Oil prices rise on Wednesday after data indicated an unexpected decline in US crude stockpiles and China reported its lowest daily rise in COVID-19 cases.

Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel while US West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel.

According to the American Petroleum Institute (API), crude oil inventories in the United State fell by 5.3 million barrels opposite of analysts forecast of a build of 430,000 barrels. 

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In a note, ING economics said, "market participants are now in 'wait and see' mode, wanting to see how lockdowns evolve in the coming weeks and months, and how successful countries are in rolling out Covid-19 vaccines."

Easing worries concerning the decline in travelling due to the Lunar New Year in China supported prices.