Black commodity trading soared higher after witnessing a larger-than-expected drop in U.S. crude oil supply reported by the U.S. Energy Information Administration (EIA).
The U.S. crude oil inventory unexpectedly recorded a significant drop of 8 million barrels in the week ending December 31, exceeding the expected decline of 2.1 million barrels.
The report further strengthened crude oil trade to rise around its 11-month high in today's Asian session, where Brent crude futures rose 40 cents to $ 54.70 a barrel. Meanwhile, the US WTI added 43 cents to $ 51.06 a barrel.
The commodity had previously strengthened following Saudi Arabia's announcement to reduce voluntary crude oil production by 1 million barrels a day in February and March.
The move also convinced other producers to keep crude oil production unchanged and allowed Russia and Khazakhstan to increase production.
Oil prices remained stable despite political uncertainty in the United States following the intrusion of President Donald Trump supporters on Capitol Hill on Wednesday as the election winner confirmation process was underway.
