Oil extends gains ahead of US inventory data

Oil drilling rigs

Oil prices extended their gains at the close of trading today, Nov. 18, as investors awaited US inventory data to assess the demand outlook in the world's largest economy.

Brent crude futures for January delivery rose 1.07%, or 69 cents, to $64.89 a barrel. WTI crude oil futures for December delivery rose 1.39% or 83 cents to $60.74 a barrel.

Prices fell earlier today as Russian oil exports from the port of Novorossiysk resumed after operations were suspended last weekend following Ukrainian attacks.

Investors are awaiting the American Petroleum Institute's report on US oil inventories later today, before the official data is released by the US Energy Information Administration on Nov. 19.

Prices are trading in a narrow range until investors get US inventory data to assess the demand outlook in the world's largest economy, Phil Flynn, Senior Analyst at Price Futures, told Reuters.