Oil prices rise as US inventories fall

Oil prices rose on January 10 and may end the third week in a row with gains, Report informs.

The price of March Brent futures on the London ICE Futures exchange was $77.3 per barrel, which is $0.38 (0.49%) higher than at the close of previous trading. WTI oil futures for February on the New York Mercantile Exchange (NYMEX) electronic trading increased by $0.38 (0.51%) to $74.3 per barrel.

The market is supported by signals of declining inventories in the US. Data published by the Department of Energy on Wednesday showed reserves at the Cushing terminal, where Nymex-traded oil is stored, fell to their lowest level since 2014.

At the same time, fears of a decline in economic activity and fuel demand in China are holding back price increases.