Oil prices steady as China demand concerns offset drop in US crude stocks

SINGAPORE :Oil prices were steady on Wednesday as concerns about lower fuel demand from China amid tightening COVID-19 curbs offset data showing a larger-than-expected U.S. crude draw last week.

Meanwhile, top crude oil importer China has been grappling with a surge in COVID-19 cases that has deepened worries about its economy. Traders are also being cautious ahead of the release of the U.S. Federal Reserve's minutes from its November policy meeting due at 1900 GMT, CMC Markets analyst Tina Teng said.

Analysts polled by Reuters on average had expected a 1.1 million barrel drawdown in crude inventories.

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Oil prices climb on big drop in US crude stocks, Russia supply uncertaintyMELBOURNE : Oil prices rose in early trade on Wednesday after industry data showed U.S. crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil.Brent crude futures gained 25 cents, or 0.3 per cent, to $
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