International oil prices extended gains during Wednesday's session, as Brent crude futures for January delivery rose 0.5% to $85.20 a barrel, and US NYMEX crude futures rose December delivery by 0.3% at $84.36 a barrel.
The rise of oil came in conjunction with a state of anticipation for the release of US inventory data, amid expectations of a decline, and supported by optimism about a further recovery of the global economy from the repercussions of the Corona pandemic.
Russell Hardy, CEO of the Vitol Group, confirmed that global oil demand has recovered to levels before the outbreak of the Corona pandemic, suggesting the possibility of an increase in crude prices to a level $100 per barrel.
On the other hand, data from the American Petroleum Institute revealed that oil stocks fell 2.5 million barrels for the week ending on November 5, while the Energy Information Administration announced data later today. Official stocks in the US.
