Oil rises ahead of US inventory data

Oil drilling rigs

Oil prices rose today, Jan. 18, ahead of the release of weekly oil inventory data in the United States and amid the increasing geopolitical turmoil.

International benchmark Brent crude rose 0.39% to $78.18 a barrel, at 09:00 am Makkah time. West Texas Intermediate (WTI) crude gained 0.72% to $73.08 a barrel.

The American Petroleum Institute said in its report issued on Jan. 17 that oil inventories in the US increased by about 483,000 barrels in the week ended Jan. 12. Gasoline and distillate inventories rose by 4.87 million barrels and approximately 5.21 million barrels, respectively.

The official data on US inventories is due later today.

OPEC said in its monthly oil report that it expects demand to grow by 2.25 million barrels per day in 2024. Meanwhile, the International Energy Agency believes that global oil market conditions will be “comfortable and balanced” this year, provided oil demand grows by 1.1 million barrels per day in 2024.