Crude oil traded steady following reports showing a decline in U.S. crude supplies last week, easing market concerns over demand that may be affected by the resurgence of the Covid-19 case.
Entering the European session, the benchmark Brent crude oil futures traded higher around $ 74.60 a barrel, while US WTI traded higher at $ 73.45 a barrel.
According to the American Petroleum Institute (API), U.S. crude oil stocks fell by 8.2 million barrels last week. However, petrol inventories increased by 2.4 million barrels and distillation stocks increased by 428,000 barrels.
Market focus is now focused on the OPEC + meeting on Thursday, after the OPEC + Joint Technical Committee (JMMC) projected that global crude oil demand is expected to increase by 6 million barrels a day this year.
These projections have supported crude oil trading to trade strong, amid market concerns over the surge in Covid-19 infection cases in Asia and Europe thus forcing several additional restrictive measures to be implemented.
