Oil prices steady as drawdown in US crude stocks counters China Covid-19 concerns

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Oil prices steady as drawdown in US crude stocks counters China Covid-19 concerns
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Top global oil importer's retreat from its zero-Covid policy nonetheless continues to constrain prices from moving higher

A crude oil tanker at Qingdao Port, Shandong province, China. The nation is the world's biggest oil consumer. Picture: REUTERS/JASON LEE/FILE PHOTO

US crude inventories fell by about 3.1-million barrels in the week to December 16, according to market sources citing data from the American Petroleum Institute, while nine analysts polled by Reuters had estimated a 1.7-million barrel drop in stocks. Meanwhile, Saudi energy minister Prince Abdulaziz bin Salman said in an interview with the Saudi state news agency that OPEC+ members leave politics out of the decision-making process and out of their assessments and forecasting.

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