Oil prices rose on Wednesday as a large drop in US crude stocks signalled strong fuel demand in the world’s largest economy.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.19 per cent higher at $85.07 a barrel at 12.34pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was up 0.21 per cent at $81.54 per barrel.
On Tuesday, Brent settled 0.61 per cent lower at $84.91 a barrel, while WTI was down 0.53 per cent at $81.37.
“The oil market will likely remain tight even if the oil giants like BP start delivering large price increases,” said Edward Moya, senior market analyst at Oanda.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.