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Oil Prices Decline Despite U.S. Inventories Decrease

Oil prices were wobbling within a narrow range on Thursday, with a hint to drop, halting a series of growth that began a week ago on the back of a decline in U.S. inventories and limited production by top oil suppliers.

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International benchmark Brent slipped by 0.02 percent, to $66,16 per barrel at 8.07 GMT, while U.S. WTI light crude lost 0.07 percent, to $60,81 per barrel.

 Oil inventories in the U.S. fell by 1.09 million barrels to 446.83 million barrels during the week, which ended on December 13, the Energy Information Administration (EIA) report showed on Wednesday.

Trading volume was thin enough as the market approximately ignored the news that the U.S. House of Representatives, controlled by Democrats, impeached President Donald Trump following a historic vote.

The trend shows the oil prices propensity to grow for a third week in a row, gaining momentum from announcements this month about an additional amount of output cuts by crude leading producers as well as the ‘Phase One’ deal between Washington and Beijing likely to resolve at last this protracted trade war.