Oil prices rose on Thursday, extending gains for the second straight day, after the US crude inventories data showed a drop for the second week, in addition to an unexpected drop in gasoline inventories, which is a positive sign of the US consuming levels.
US crude rose 1.1% to $48.59, after opening at $48.04, and hit a session high of $47.98, and Brent crude rose 1.2% to $51.74 a barrel, after opening at $51.14, with a high of $51.10.
US crude gained 2.8% yesterday, and Brent crude futures rose about 2.7%, posting their first daily gain in 3, after the US Energy Information Administration’s weekly report.
The US Energy Information Administration reported on Wednesday that crude inventories fell 0.6 million barrels during the week ending December 18, while analysts forecast a drop by 1.9 million barrels.
While the US production remained unchanged last week, with a total of 11.0 million barrels per day.
Gasoline stocks fell unexpectedly by 1.1 million, with the total at 237.8 million barrels.
Withdrawing from the US inventories while production slowed, is a positive sign about demand in the world’s largest consumer and producer of oil.
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