Oil prices traded steady after witnessing a fall in U.S. crude oil supply last week.
Crude oil inventories fell by 4.785 million barrels according to estimates released by the American Petroleum Institute (API) after recording an increase of 2.7 million barrels in the previous week.
This reading is higher than expected for a reduction of 2.1 million barrels. API also reported a decrease in the supply of petrol by 131,000 barrels and distilled stock of 1.88 million barrels.
Following that, oil prices rose again with US WTI trading strengthening at $ 48.16 a barrel, while Brent crude was positive at $ 51.33 a barrel.
The recorded decline brought some relief to the market who were worried about the weakness of fuel demand due to the pressure from coronavirus which has affected economic activity.
Investors are now looking forward to crude oil supply data from the Energy Information Administration (EIA) tonight.
Also in focus was the OPEC Joint Monitoring Committee (JMMC) meeting on January 4 which will discuss developments in the crude oil market and the implementation of production commitments by member countries.
