London — Oil prices rose slightly on Wednesday amid plenty of caution as bullish signals such as falling US crude stocks and a generally undersupplied market were countered by bearish factors such as uncertain Chinese demand growth and falling gas prices.
In the previous session, the contracts fell to their lowest in two weeks on reports of US President Joe Biden’s plans to release more barrels from the Strategic Petroleum Reserve . Earlier this week, China postponed the release of some key economic data, a highly unusual move stoking fears of weak growth.
The EU’s sanctions on Russian crude and oil products will take effect in December and February, respectively.
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