Oil prices edge higher as large US crude stock drop outweighs China demand worries
Oil prices inched higher on Wednesday as data showing a larger-than-expected U.S. 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 at 0719 GMT, while U.S. 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 as the United Arab Emirates, Kuwait, Iraq and Algeria reinforced comments from Saudi Arabia’s energy minister that the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, were not considering boosting oil output. OPEC+ next meets to review output on Dec. 4.
