US commercial oil inventories fell by 4.2 million barrels during the week to 416.8 million barrels at the end of December 2024, the US Department of Energy reported.
The department said the current stockpile level was 5% below the five-year average for this time of year.
The price of March Brent crude futures on the London ICE Futures Exchange rose 0.97% to $73.97 per barrel, while the price of February WTI crude futures rose 1.12% to $70.4 per barrel.