Oil rises ahead of US crude inventories data

Oil drilling rigs

Oil prices rose on Wednesday ahead of report on crude stockpiles in the US, and following the decision of President Joe Biden to withdraw from the strategic oil reserves.

The international benchmark Brent crude was trading up 0.2% at $82.43 per barrel (bbl), at 9.00 am Makkah time.

WTI crude rose 0.3% to $78.74/bbl.

The US, on Nov. 23, said it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to lower fuel prices.

Investors are also following the latest developments related to COVID-19 cases in Europe, where some countries are discussing partial lockdown measures. However, the White House confirmed that the US does not have any plans for a lockdown.

Meanwhile, US crude stocks rose by 2.3 million barrels for the week ended Nov. 19, according to American Petroleum Institute data.

The US Energy Information Administration (EIA) is expected to release official figures on US crude inventories later today.