1/6, 12:27 PM (Source: TeleTrader)
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Oil prices rise by 2% after EIA's report

The prices of oil increased on Thursday after the Energy Information Administration (EIA) revealed in its latest update that the inventories of the commodity in the United States declined by 2.1 million barrels in the week ending December 31.

Earlier, the American Petroleum Institute's (API) data reportedly showed the US's stocks went down by 6.43 million barrels in the aforementioned seven-day period.

West Texas Intermediate (WTI) for settlements in February gained 2.29% at 6:15 am ET to sell for $79.04 per barrel. A minute later, Brent for deliveries in March advanced by 2.08% to go for $81.91 per barrel.

Baha Breaking News (BBN) / JR