Crude Oil Prices Higher At The Start Of The Year

Oil prices started the new year on a higher side this morning.

This is the result of the continuing trade tensions between the United States and China eased demand concerns.

Now, oil trades at $ 61.40, which is a surge of $0.05 or 0.08% from the previous close of $ 61.35. The daily range is from $61.19 to 61.40, while the trading volume is 13.782K.

As matter of fact, oil markets were closed yesterday for New Year's Day. Furthermore, the leading benchmarks ended higher in 2019, marking its largest annual rallies since 2016.

In the meantime, the U.S. carried out air strikes against Iran-backed Katib Hezbollah militia group over the weekend.

A retreat in U.S. crude inventories last week also added some strength to oil prices. U.S. crude stocks dropped 7.8 million barrels in the week ended Dec. 27, versus to estimates for a loss of 3.2 million barrels, as reported by the American Petroleum Institute (API).