Oil prices continued to strengthen by loosening around a 13-month high on Wednesday, extending their gains by more than a week after industry data showed a decline in US crude supplies.
United States WTI is trading steady at $ 58.20 per barrel, while trade in front of Brent crude is also firm at $ 61.02 a barrel even though both level markers posted slight losses in the Asian session.
Most recently, the American Petroleum Institute (API) reported a decline in crude stockpiles at a major US storage center by 3.5 million barrels last week.
However, the data also showed petrol inventories increased by more than 4.8 million barrels, far exceeding the expected increase of 1.8 million barrels.
Oil prices have been rising since November when positive news about the Covid-19 vaccine development effort has raised market hopes for an economic recovery.
This was reinforced by efforts by the main producing countries of OPEC and its ally OPEC + to fulfill commitments to reduce spending on crude oil to help balance markets.
