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WEST TEXAS INTERMEDIATE
Recent data retrieved from the American Petroleum Institute (API) reveals a decline of 4.785 million barrels for the week ending December 25.
Brent crude was down by 0.39% to trade at $51.17 a barrel and West Texas futures dropped lower by 0.23% to $48.12 a barrel.
Crude Oil prices dropped deeper at the second trading session of the week, following a new strain of COVID-19 virus.
Crude oil prices were fired up for the seventh straight week leading to the longest winning streak since April 2019
Brent crude futures gained 0.92% to $51.55/barrel and West Texas Intermediate futures soared by 1% to trade at $48.30.
Brent crude futures gained over 1%, as it was within striking distance of hitting the $50/barrel price mark after gaining around 1% on Thursday.
For the month of November, Brent gained 28%, its best month since a 95% jump in May from April’s lows.
Brent oil futures gained 0.51% to trade at $48.86/barrel and the West Texas Intermediate futures ticked up by 0.46% to trade at $45.92/barrel.
Brent crude prices were up about 9.25%, breaking out of its strong resistance level of $43/Barrel.
The U.S oil-based contract, the major indicator used for U.S. crude prices, sold at 35.79 per barrel.
Crude oil prices ended the week mixed cumulatively amid surging Covid-19 caseloads.
Brent oil futures prices lost 0.2 to trade at $42.35 and West Texas Intermediate (WTI ) fell 0.27% to trade at $40.09.