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.