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Oil prices rise amid expectations for lower U.S. stockpiles

Xinhua, December 21, 2016 Adjust font size:

Oil prices ended higher on Tuesday on market forecasts for a sharp decline in U.S. crude inventories.

The Energy Information Administration (EIA) will release the data of U.S. crude oil inventories in its weekly report on Wednesday. Market analysts polled by Reuters expected weekly U.S. inventories to show a draw of 2.4 million barrels in the week ending Dec. 16, which supported oil prices on Tuesday.

The West Texas Intermediate for January Delivery increased 0.11 dollars to settle at 52.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.43 dollars to close at 55.35 dollars a barrel on the London ICE Futures Exchange. Enditem