Oil prices rallied as US crude stock declined, which rendered support to the market despite a continuous glut which could see the market deplete its onshore crude storage sites in the first quarter of 2016.
US crude inventories fell to 1.9 million barrels from last week’s 488 million barrels, as estimated by the American Petroleum Institute.
West Texas Intermediate crude futures ended at $38.24 a barrel, up 73 cents. Brent futures closed at $40.79 a barrel, up 53 cents.
Meanwhile, the Energy Information Administration is scheduled to release official data Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com