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Oil prices lift as US crude stocks fall

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Uncertainty over how Russia will respond to plans by the G7 nations to cap Russian oil prices has provided some support to the market

London — Oil prices rose on Wednesday as data showing a larger-than-expected US crude drawdown last week outweighed concerns about lower demand from China.

Analysts polled by Reuters on average had expected a 1.1-million barrel drawdown in crude inventories.Prices continued to see support from denials by key Opec producers including Saudi Arabia that the group and its allies, together called Opec+, were not considering boosting oil output. Opec+ next meets on December 4.

These bearish factors have offset demand concerns relating to top crude oil importer China, which has been grappling with a surge in Covid-19 cases.

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