Oil prices stabilized on Wednesday morning on data from the American Petroleum Institute (API) on crude inventory, Report informs, citing auction data.
The price of March futures for Brent crude oil increased by 0.08% - up to $78.73 per barrel, while the price for WTI February futures remained at the level of the previous close at $75.98.
According to API estimates, US oil reserves for the week ended December 24 fell by 3.09 million barrels. At the same time, analysts expected a decline in the indicator by 3.233 million barrels. The US Department of Energy will later publish official data on reserves in the country.
Oil rose on the back of expectations for a rebound in demand in the new year, as well as a decline in global reserves, analysts told Wall Street Journal. However, analysts expect the rise in oil prices to be limited as global supplies are likely to pick up next year due to a gradual increase in output in OPEC+ countries and the US.