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Oil prices steady as China demand concerns offset drop in U.S. crude stocks

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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.

Brent crude futures dropped 15 cents, or 0.2%, to $88.21 a barrel at 0508 GMT, while U.S. West Texas Intermediate crude futures lost 9 cents, or 0.1%, to $80.86 a barrel.

"Oil is having a tug-of-war with China COVID demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight," said Edward Moya, senior market analyst with OANDA, in a note. Analysts polled by Reuters on average had expected a 1.1 million barrel drawdown in crude inventories.

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