Singapore, November 23 (QNA) – Oil prices inched higher on Wednesday as data showing a larger-than-expected US crude drawdown last week outweighed concerns about lower fuel demand from China amid tightening COVID-19 curbs.
Brent crude futures rose 27 cents, or 0.3%, to $88.63 a barrel , while US West Texas Intermediate (WTI) crude futures gained 25 cents, or 0.3%, to $81.20 a barrel.
Both benchmark contracts rose about 1% on Tuesday after Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz’s comments that the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, were not considering boosting oil output.
US crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed, according to market sources. (QNA)
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