Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China.
Brent crude futures rose 73 cents, or 0.8 per cent, to $90.76 a barrel by 0100 GMT. US West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4 per cent. WTI’s front-month contract expires on Thursday.
Brent and WTI touched two-week lows and tumbled 1.7 per cent and 3.1 per cent, respectively, in the previous session on reports of US President Joe Biden’s plans to release more barrels from the Strategic Petroleum Reserve (SPR) and worries about weaker Chinese fuel demand.
