of about 5% under consideration. A softer dollar was also supportive for commodities priced in the currency.
Meanwhile, the American Petroleum Institute reported that US stockpiles decreased by more than 6 million barrels last week, according to people familiar with the figures. Official inventories data follow later Wednesday. Crude has so far stumbled into the final month of the year, with the US benchmark heading for the first back-to-back quarterly drop since mid-2019 as central banks tighten monetary policy. Concerns about the global growth outlook, alongside a soft physical market and falling liquidity have weighed on prices.
The latest leg down came at a complex moment, with traders assessing the fall-out from Group of Seven curbs on Russian oil, including a price cap that’s meant to punish Moscow for the war in Ukraine. “Inventories remain quite low, spare capacity is tight,” Francisco Blanch, head of commodity and derivatives research at Bank of America said in a Bloomberg TV interview. “All the demand growth that we forecast for next year is coming from emerging markets.”Brent for February settlement rose 42 cents to $79.77 a barrel.for its international oil sales.
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