• Oil prices are stabilizing due to the decline in US inventory and hopes of demand


    Oil prices stabilized today after US government data showed a decline in crude stocks and on expectations of increased demand next year on the back of progress in resolving the trade dispute between the United States and China.
    Brent futures rose seven cents to settle the settlement price at $ 66.17 a barrel, while US West Texas Intermediate crude closed one cent lower to $ 60.93 a barrel.

    US crude inventories fell 1.1 million barrels over the week ending December 13 to 446.8 million barrels, according to the Energy Information Administration.
    The department said that gasoline stocks and distillate products increased last week 2.5 million barrels to 237.3 million barrels and 1.5 million barrels to 125.1 million barrels, respectively.​

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