12/8/2021, 6:28 PM (Source: TeleTrader)
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Oil turns to gains as US stockpiles decrease

Oil futures turned to gains on Wednesday after the United States Energy Information Administration revealed that the crude inventories in the country slid by 0.2 million barrels compared to the previous week.

Meanwhile, encouraging messages regarding the newly-detected Omicron variant of the coronavirus came from the European Union's health agency, the World Health Organization, and US President Joe Biden, who commented on data previously issued by Pfizer Inc.

West Texas Intermediate for settlements in January jumped 1.15% at 12:16 pm ET, selling for $72.88 per barrel, while Brent for February delivery rose by 1.02% a minute later, to go for $76.22.

Baha Breaking the News (BBN) / BU