Oil rises on data on crude oil inventories in the US

Oil prices show strong growth on Thursday, reaching $94.76 per barrel for the first time in a week.

Analysts note that the oil market did not react to the decision of US President Joe Biden in December to release 15 million barrels from the strategic reserve, and continued to grow.

Prices were supported by yesterday's data from the US Department of Energy, according to which crude oil inventories in the country fell by 1.7 million barrels per week. Analysts had forecast a smaller decline of 1.2 million barrels. Gasoline inventories in the United States decreased by 100,000 barrels, distillate stocks rose by 100,000 barrels.

In addition, signals of a possible easing of China's tough policy towards combating the spread of coronavirus, as well as the prospect of reducing global oil reserves against the backdrop of the OPEC+ decision to cut production by 2 million barrels per day from November, contribute to the growth of optimism in the market.

The current price of Brent oil is $93.70 per barrel. North American WTI oil is trading near $85.60 per barrel (daily high – $87.14).