Crude oil prices rose on Wednesday, with the Brent crude trading above $57 per barrel, due to decline of stockpiles in the US.
The March contract of Brent crude futures on the Intercontinental Exchange (ICE) is currently trading at $57.37 per barrel, higher by 1.40 per cent from its previous close.
The WTI crude is trading near $54 per barrel. The February contract of WTI futures on NYMEX is current at $53.87 per barrel, higher by 1.24 per cent from its previous close.
According to data from the American Petroleum Institute, crude oil inventory in the US declined by of 5.8 million barrels in the week ending Friday, January 8.
Further, the higher supply cut recently announced by the Saudi Arabia, for the months of February and March also are supporting the crude prices.
Apart from the supply concerns, hope of improved demand on the back of the vaccine rollout across to globe to counter the pandemic also has been supportive for oil prices.