On Wednesday, crude oil prices surpassed the barrier of $ 57 a barrel for Brent crude at the highest level in 11 months, driven by stimulating US data.

On Tuesday, the American Petroleum Institute said in preliminary data, that crude oil inventories in the United States recorded a decline of 5.8 million barrels in the week ending January 8, to 484.5 million barrels.

At 07:00 GMT today, Wednesday, futures contracts for global benchmark Brent crude for March delivery rose 1.17% to $ 57.24 a barrel.

US West Texas Intermediate crude futures for February delivery rose 1.11% to reach $ 53.81 a barrel.

Yesterday, Tuesday, Brent crude contracts ended the trading session higher by 1.65%, to settle at $ 56.58 a barrel, while US crude contracts rose 1.84%, to reach $ 53.21 per barrel at settlement.

And crude prices have received support since the end of last week, through the expansion of the circle of vaccines to confront the Corona pandemic, which paves the way for the return of demand for traditional energy sources.

Oil was supported by the decline in US crude stocks, and the market also received support this week from a possible increase in the economic stimulus package in the United States.

And US President-elect Joe Biden - who will take office on January 20 - has promised to pump "trillions" of dollars in additional spending to mitigate the repercussions of the pandemic.

Later today, the final data on crude inventories in the United States, issued by the US Energy Information Administration, will be released, amid expectations for a third consecutive drop.

The Belgian shipping company EuroNav had expected the price of oil to rise to more than $ 60 a barrel with the Kingdom of Saudi Arabia’s decision to reduce its production by one million barrels per day over the next two months, the improvement in the profit margin of the refiners, and the decline of the dollar against other major currencies.