Oil rose on positive impact from US crude inventories report

International benchmarks for crude oil extended the firming trend on Wednesday, 22 December 2021 following a report of a larger than expected drawdown in US crude inventories. In the latest data from the EIA, US commercial crude inventories fell 4.7 million barrels, which temporarily distracted investors from growing concerns over Omicron.

Brent gained $1.31 or 1.8% to close at $75.29/barrel.

WTI rose $1.64 or 2.3% to close at $72.76/barrel.