Oil Prices Advance Again

Oil Prices Advance Again
The WTI and Brent crude oil contracts edged upward for the third consecutive trading day.

The West Texas Intermediate (WTI) and Brent crude oil contracts edged upward for the third consecutive trading day.

The February WTI contract price settled at $48.40 per barrel Wednesday, reflecting a 40-cent gain. The U.S. benchmark peaked at $48.32 and bottomed out at $47.61 during the midweek session.

Also advancing Wednesday was Brent crude for March delivery, which added 40 cents to close at $51.63 per barrel.

Oil prices received a boost Wednesday from a bigger-than-anticipated draw in U.S. crude inventories as reported by the American Petroleum Institute (API). As Bloomberg reported earlier in the day, last week’s 4.79 million-barrel decrease in crude stocks could be the largest inventory drop since October. The news agency added that analysts it had surveyed were expecting a 35-percent smaller draw against what API reported.

The January reformulated gasoline (RBOB) contract price rose as well during the second-to-last day of 2020. RBOB gained more than two cents to end the trading day at $1.41 per gallon.

Among the energy commodities tracked by Rigzone, only Henry Hub natural gas futures finished lower Wednesday. The February gas contract price shed two cents to settle at $2.42.

To contact the author, email mveazey@rigzone.com.



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