Oil prices rising to a weaker dollar and decreased crude stockpiles.
London, Thursday, 23 December 2021
Oil prices rose further on Thursday, boosted by increased commodities trading as a result of the weaker dollar and lower-than-expected oil stockpiles in the United States.
At 0552 GMT, international benchmark Brent crude was trading at $75.44 per barrel, up 0.19 percent from the previous session's close of $75.29 per barrel.
The American benchmark West Texas Intermediate (WTI) traded at $72.95 per barrel at the same time, up 0.26 percent from the previous session's close of $72.76 per barrel.
The dollar dropped to new lows after data released on Wednesday indicated a stronger-than-expected increase in consumer confidence in the United States.
The surge in oil prices was aided by a larger-than-expected fall in crude oil stocks in the United States.
Crude oil stocks fell by 4.7 million barrels, or 1.1 percent, to 423.6 million barrels in the week ending December 17, according to the US Energy Information Administration.
A reduction in stocks of 2.6 million barrels was expected by the market.
(Written and edited by: The Decision Maker)