Oil prices rise as industry data show big drop in U.S. crude inventories

Oil futures rose Wednesday morning, finding support after industry data was said to show another large drop in U.S. crude inventories, while investors looked for signs of an easing of China’s COVID restrictions and awaited a meeting this weekend of OPEC+ ministers.

Official... Oil futures rose Wednesday morning, finding support after industry data was said to show another large drop in U.S. crude inventories, while investors looked for signs of an easing of China’s COVID restrictions and awaited a meeting this weekend of OPEC+ ministers. Official data from the Energy Information Administration is due Wednesday morning. Analysts surveyed by S&P Global Commodity Insight, on average, looked for crude inventories to fall by 4.4 million barrels. Gasoline stocks were seen rising by 600,000 barrels, while distillate stocks were expected to show a build of 800,000 barrels.

Crude has also found support on expectations China will move to begin relaxing COVID curbs after a wave of rare protests. China’s restrictions have crimped demand for crude by one of the world’s largest energy producers.

Crude oil is a very volatile commodity, it can easily surge or plunge 2%-3% in a matter of ours. Today it's up, tomorrow it's down. Same old same old.

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Oil up as U.S. crude stocks seen falling, OPEC+ concerns limit gainsOil prices rose in early Asian trade on Wednesday as U.S. crude inventories were seen falling, but concerns that OPEC+ would leave output policy unchanged at its upcoming meeting limited gains.
Source: Reuters - 🏆 2. / 97 Read more »