rose Oil prices today, Thursday, for the fourth day in a row Stocks of crude, heating oil and jet fuel are running tight in the United States as the country is hit by a winter storm.
And by 09:59 GMT, Brent crude futures rose $ 1.22, or 1.48%, to $ 83.42, extending gains of regarding 2.7%, in the previous session.
US West Texas Intermediate crude futures recorded the highest level since December 5, following rising $1.28, or 1.63%, to $79.57.
And the two crude futures jumped on Wednesday, following government data showed that US crude stocks fell at a much greater rate than analysts had expected, as they fell by 5.89 million barrels in the week ending December 16.
Distillate output stocks, which include heating oil and jet fuel, also declined, contrary to expectations for an increase.
The drop in inventories comes as demand for heating oil is expected to rise in light of the severe winter storm sweeping the United States.
Jet fuel consumption is also expected to pick up as post-coronavirus travel picks up by the year-end holiday season, though demand for transportation fuel is likely to decline if the storm stops people from traveling.
On the other hand, demand concerns stemming from increased coronavirus cases in China and concern of a global recession may dampen oil futures.
A senior official at the World Health Organization said yesterday, Wednesday, that China may have difficulty in accurately counting injuries, while the country is witnessing a significant increase in cases.