Luckily for the Oil Merchant, the price has risen again!

 Black commodity trading rose during the start of the Asian trading session after data showed U.S. crude oil supply fell sharply last week.

The American Petroleum Institute (API) reported its crude oil inventory fell by 5.42 million barrels last week from an increase of 951,000 barrels recorded the previous week.

This decline to some extent helped alleviate concerns over the continued escalation of Covid-19 cases and the implementation of new sanctions that could affect oil demand.

The benchmark Brent crude futures traded up $ 41.09 a barrel, while the US WTI was positive at $ 43.30 a barrel.

Both benchmarks had previously recorded a 2% increase during the New York session.

In addition, price movements were also supported by expectations from Energy Information Administration (EIA) data which showed that crude oil supply is likely to decrease by 4.1 million barrels a day in the fourth quarter of this year.

However, continued concerns over the increase in cases of coronavirus infection worldwide and its impact on fuel demand still limit price increases to rise higher.