U.S. demand remained strong, and U.S. oil continued to move higher to hit its highest close in more than three weeks

Oil futures rose $1.
14, or 1.
5%, on Thursday (Dec.
16), and settled at $75.
02 per barrel
.
The U.
S.
Department of Energy reported a plunge of 4.
58 million barrels in crude inventories on Wednesday, the biggest drop since September; Meanwhile, a weaker dollar helped boost the attractiveness of commodities, with oil prices rising
for the second day in a row.

U.
S.
Energy Information Administration (EIA) said on Wednesday that refinery refined product supplies reflecting consumer demand surged to 23.
2 million b/d in the latest week, and crude inventories plunged 4.
58 million b
/d.
Sending a bullish signal to investors could calm previous concerns
about the demand outlook.

Bob Yawger, head of Mizuho Securities' futures department, said: "There are still buying in the market from yesterday's US Energy Information Administration report, and this report alone provides the market with a reason not to fall sharply in the next few days".

Saudi Arabia's crude oil exports rose for the sixth straight month in October, reaching their highest level
since April, the Joint Organization Data Initiative (JODI) said on Thursday.
Saudi Arabia's crude oil exports increased to 6.
833 million b/d in October from 6.
516 million b/d
in September.
Total exports, including petroleum products, were 8.
26 million b/d in October, and crude oil production rose 118,000 b/d month-on-month to 9.
78 million bpd, both the highest since April 2020
.
Monthly export data is provided to JODI by Riyadh and other OPEC members and published on
its website.

While the Fed signaled that it would end its currency spike in March, it has been waiting for other risky assets such as crude oil and equities to boost investor sentiment as the Fed's optimistic economic forecasts boosted investor sentiment
.
Phil Flynn, senior analyst at Price futures Group, said the market was worried about what the Fed would do, but now that worry is gone, we know what we are facing, so the market rebounded
.

Contradictory
supply and demand signals have sent oil prices up and down this week.
The International Energy Agency said this week that the market is already excessive; But Vitol Group, the world's largest independent oil trading house, expects oil prices to rise next year due to a lack of new production investment
.
While restrictions on holiday travel by the largest oil importers to curb the spread of the virus mean the consumer outlook appears to be deteriorating, the U.
S.
looks more optimistic
.

The UK and South Africa reported record new coronavirus cases in a single day, while many companies around the globe are asking employees to work from home, which could limit future demand
.
Canada's top health official, Theresa Tam, warned this week that coronavirus cases in the country could rise rapidly in the coming days, leading banks and finance companies to reconsider plans
to return to office.