Crude Oil Steady Ahead of Monday Opening

Global oil prices held steady ahead of Monday business activities after data showed the US crude oil inventories declined in the last week of 2020.

Brent crude oil, against which Nigerian crude oil is priced, remained stable at $51.80 per barrel on Thursday. While the US West Texas Intermediate maintained $48.52 per barrel.

“Oil prices have remained supported by a weaker U.S. dollar overnight and have finally found a friend in the API inventory report,” said Stephen Innes, chief global market strategist at Axi, a broker.

“This morning the American Petroleum Institute reported a much larger draw versus consensus in crude oil inventories for the week ending December 25.”

US crude oil inventories declined by 4.8 million barrels to about 492.9 million barrels, more than the 2.6 million barrels decline predicted by analysts.