Oil rises ahead of US inventory data

Oil drilling rigs

Oil prices rose today, Jan. 10, as investors assessed demand prospects ahead of the official data on inventories in the United States.

International benchmark Brent crude rose 0.41% to $77.91 a barrel, at 09:23 am Makkah time. West Texas Intermediate (WTI) crude gained 0.51% to $72.61 a barrel.

According to American Petroleum Institute’s weekly report issued on Jan. 9, oil inventories in the US decreased by about 5.22 million barrels in the week ended Jan. 5. The release of official data is scheduled for later today.

The US Energy Information Administration said in a report that it expects the growth of global consumption of liquid fuels to slow to 1.4 million barrels per day in 2024, compared to the growth rate of 1.9 million barrels per day in 2023. The agency said this was a result of a weak Chinese economy, the increase in the efficiency of cars’ fuel consumption, and the end of growth momentum linked to recovery from the COVID-19 pandemic.