Weekly EIA Report Highlights

The Energy Information Administration (EIA) released its weekly report indicating a significant decrease of 4.2 million barrels in the United States commercial crude oil inventories for the week ending December 20. This development has led to a noticeable uptick in crude oil prices.

Stable Rig Counts Amidst Annual Decrease

According to the Baker Hughes weekly rig count, the number of oil rigs remained unchanged in the week ending December 27. However, a year-on-year comparison reveals a 17 rig decrease, signaling a potential shift in the oil production landscape.

Price Movements

West Texas Intermediate (WTI) for February's settlements saw a 1.35% increase, reaching $70.54 per barrel by 1:25 pm ET. Similarly, Brent for the same month's deliveries experienced a 1.12% rise, selling for $74.08 per barrel at 1:26 pm ET.