Crude Oil Extends Upward Move, Reaching Highest Levels In A Month

(RTTNews) - Crude oil prices showed a notable advance during trading on Wednesday, extending the upward move seen throughout the New Year.

After surging $0.91 or 1.2 percent to $76.99 a barrel in the previous session, crude for February delivery jumped $0.86 or 1.1 percent to $77.85 a barrel.

The price of crude oil reached its highest levels in over a month amid continued optimism the Omicron variant of the coronavirus will not significantly impact global demand.

Meanwhile, traders largely shrugged off a report from the Energy Information Administration showing U.S. crude oil inventories decreased by less than expected in the week ended December 31st.

The report showed crude oil inventories fell by 2.1 million barrels last week versus expectations for a decrease of about 3.3 million barrels.

The EIA also said gasoline inventories spiked by 10.1 million barrels, while distillate fuel inventories increased by 4.4 million barrels.