Oil rises ahead US stockpiles data

Oil rigs

Oil prices were slightly higher on Wednesday as data indicated an improvement in demand in some regions, as countries continue to ease COVID-19 restrictions.

International benchmark Brent crude was trading up 0.1% at $68.73 per barrel, at 9.05 am Makkah time.

WTI crude was trading at $66.01 per barrel.

“US and Chinese demand continues to return,” Bloomberg reported, citing Stephen Innes, global managing partner at SPI Asset Management.

“There are also positive signals on India, which suggests the country may be turning the corner,” he added.

Meanwhile, US crude stocks fell by 439,000 barrels in the week ended May 21, American Petroleum Institute’s data showed.

Official data on stockpiles from US Energy Information Administration is expected later today.