Oil drilling rigs
Oil prices rose on Friday as US oil inventories dropped unexpectedly last week.
Brent crude for March delivery increased 0.49% to $77.53 a barrel at 9:07 am Makkah time.
WTI contracts rose 0.46% to $72.1 a barrel. However, they both are set to record their lowest level since 2020, with an expected loss of 10%.
US crude oil inventories unexpectedly fell 7.1 million barrels in the week ended Dec. 22, compared to the estimated decline of 2.7 million barrels, data from the US Energy Information Administration (EIA) showed.
The measures taken by governments and central banks around the world in 2023 to combat inflation contributed to limiting oil price rise. However, several analysts forecast the potential interest-rate cut measures in the main importing countries would fuel demand in 2024, Reuters reported.
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