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Oil prices surge on fall in US inventory, Saudi supply cut
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SME Times News Bureau | 13 Jan, 2021
Crude oil prices rose on Wednesday, with the Brent crude trading above $57 per barrel, due to decline of stockpiles in the US.
The
March contract of Brent crude futures on the Intercontinental Exchange
(ICE) is currently trading at $57.37 per barrel, higher by 1.40 per cent
from its previous close.
The WTI crude is trading near $54 per
barrel. The February contract of WTI futures on NYMEX is current at
$53.87 per barrel, higher by 1.24 per cent from its previous close.
According
to data from the American Petroleum Institute, crude oil inventory in
the US declined by of 5.8 million barrels in the week ending Friday,
January 8.
Further, the higher supply cut recently announced by
the Saudi Arabia, for the months of February and March also are
supporting the crude prices.
Apart from the supply concerns, hope
of improved demand on the back of the vaccine rollout across to globe
to counter the pandemic also has been supportive for oil prices.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 25 Jan, 2021 |
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