Oil prices increase on demand hopes after US crude stocks drawdown
SINGAPORE (Reuters) -Oil prices rose on Wednesday after industry data showed a surprise drop in U.S. crude stocks, suggesting demand is holding up despite steep interest rate hikes dampening global growth.
Brent crude rose 54 cents, or 0.6%, to $95.19 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude rose 72 cents, or 0.8%, to $89.09 a barrel.
The benchmarks rose about 2% in the previous session on a weaker U.S. dollar and after an unverified note trending on social media said the Chinese government was going to consider ways to relax COVID-19 rules from March 2023, potentially boosting demand in the world’s No.2 oil user.
