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- Crude oil prices rose to a record level on Wednesday.
- Crude inventories in the US tumbled by 3.6 million barrels in the last week.
- Oil prices have been supported by countries including Nigeria, Libya, and Ecuador declaring force majeures this month.
Crude oil prices reached their highest level since November on Wednesday offsetting concerns that rising cases of coronavirus across the globe might dent the demand. The significant rise in the prices of both the benchmarks was underpinned by the release of government data showing a fall in US crude inventories in the last week.
March delivery Brent Crude oil futures last traded at US$79.32 per barrel down 0.11%, whereas February delivery WTI crude oil futures traded 0.17% up at US$76.69 per barrel as of 30 December 2021 at 12:30 PM AEDT.
Crude inventories in the US tumbled by 3.6 million barrels in the last week to reach 420 million barrels. At the same time, US gasoline stocks dropped by 1.5 million barrels during the same period to land at 222.66 million barrels whereas, distillate stockpiles fell by 1.7 million barrels to land at 122.43 million barrels.
Furthermore, oil prices have been supported by countries including Nigeria, Libya, and Ecuador declaring force majeures this month due to maintenance issues and shutdown of the oil field.
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Investors are eagerly waiting for an OPEC+ meeting scheduled on 4 January where the group will decide whether to go ahead with the planned production increase of 400,000 barrels per day in February.
Crude oil prices rose to a record high level on Wednesday after government data showed that US crude and fuel inventories tumbled in the last week.
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