Oil stable ahead of US inventories data

Oil prices were stable on Wednesday ahead of official data on US crude stockpiles, and as investors eyed developments related to the coronavirus pandemic.

The US Energy Information Administration (EIA) revised its crude price estimates higher in its monthly short-term energy outlook released Feb. 9, 2021.

The EIA raised Brent crude forecast by 0.9% to average $53.3 per barrel (bbl) in 2021, and by 3.3% to 55.19/bbl in 2022.

In terms of trading, Brent held stable at $61.07/bbl, at 9 am Makkah time.

WTI crude was trading at $58.31/bbl.

Meanwhile, US crude inventories decline by 3.5 million barrels in the week to Feb. 5, according to data from the American Petroleum Institute.

EIA data on US stockpiles is due later today.