Crude inventories rose 2.3 million barrels in the week to Jan. 13. However, the expectations were for an increase of 342,000 barrels.
Chinese data showed upbeat Q4 GDP, which also added to the upside oil. Reports of record Chinese demand, evidenced by Crude throughput hitting the highest level in history for the year at 10.79 million bpd, strengthened the ongoing bullish momentum.
In an interview with Sputnik, the OPEC Secretary-General Mohammed Barkindo noted that the OPEC deal will bring stability to global oil markets.
He said that “there is a great opportunity for all the stakeholders, including the oil and gas industry, to solidify this platform and insure that it continues to perform the stabilization role in the best interests of the industry as well as the global economy".