Oil prices inched up on Wednesday as industry data showed US fuel stocks fell more than expected, recovering slightly from a 5 per cent drop on Tuesday on fears fuel demand will suffer as China steps up Covid-19 curbs and central banks hike interest rates.
US West Texas Intermediate (WTI) crude futures rose 64 cents to $92.28 a barrel at 0012 GMT, after sliding $5.37 in the previous session driven by recession fears.
Brent crude futures climbed 48 cents, or 0.5 per cent, to $99.79 a barrel, trimming Tuesday’s $5.78 loss. The October contract expires on Wednesday. The more active November contract was up 61 cents, or 0.6 per cent, at $98.45 a barrel.
