Oil prices recover after two-day decline

Benchmark oil prices increased on December 18 morning after a two-day decline. Investors are evaluating unofficial data on US oil reserves and awaiting the results of the Federal Reserve System (FRS) meeting, Report informs via Interfax.

February Brent crude futures on the London ICE Futures exchange rose by $0.04 (0.05%) to $73.23 per barrel. January WTI futures on the New York Mercantile Exchange (NYMEX) electronic trading increased by $0.08 (0.11%) to $70.16 per barrel.

Data released Tuesday by the American Petroleum Institute (API) showed a reduction in country's reserves by 4.7 million barrels over the week, while the market expected a decline of 1.85 million barrels, according to Trading Economics.

Official data on oil reserves will be published this evening.

The majority of analysts and market participants believe the Federal Reserve will reduce the key interest rate by 25 basis points following this year's final meeting, which concludes on Wednesday. Such a decision could support oil demand.