The West Texas Intermediate (WTI) for January delivery gained 20 cents to settle at 47.62 U.S. dollars a barrel on the New York Mercantile Exchange, its highest level in nine months. Brent crude for February delivery increased 32 cents to close at 51.08 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 3.1 million barrels during the week ending Dec. 11, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Analysts polled by S&P Global Platts had estimated the EIA publication to show a decline of 1.9 million barrels in U.S. crude stocks.
Oil prices have been traded on an upbeat note recently amid general market optimism. However, analyst cautioned that downside volatility is likely as risks remain high on both the demand and supply sides.
In its closely-watched monthly report released Tuesday, the International Energy Agency revised down its forecast for global crude demand in 2021.
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