rose Oil prices today, Thursday, for the fourth day in a row Stocks of crude oil, fuel oil and jet fuel are running low in the US as the country is hit by a winter storm.
And at 09:59 GMT, Brent crude oil futures were up $1.22, or 1.48%, to $83.42, extending gains by about 2.7% in the prior session.
US West Texas Intermediate crude oil futures recorded their highest level since Dec. 5, after rising $1.28, or 1.63%, to $79.57.
And the two crude futures moved higher on Wednesday after government data showed U.S. crude stockpiles fell at a much faster rate than analysts expected, as they fell by 5.89 million barrels in the week ended. on December 16th.
Manufacturing inventories of distillates, which include heating oil and jet fuel, also declined, contrary to expectations for an increase.
The decline in inventories comes as demand for heating oil is expected to increase in light of the severe winter storm sweeping across the United States.
Jet fuel burn is also expected to rise as post-coronavirus travel resumes by the year-end holiday season, though demand for transportation fuel is likely to decline if the storm prevents people from traveling.
On the other hand, demand concerns stemming from rising coronavirus cases in China and concerns about a global recession could dampen oil futures.
A senior World Health Organization official said on Wednesday that China may struggle to accurately count injuries as the country is seeing a significant increase in cases.