News Formal

Oil prices lift as US crude stocks fall

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

United States News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IAEA chief meets Russians to discuss Zaporizhzhia nuclear plant protection - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The head of the U.N. nuclear watchdog met a Russian delegation in Istanbul on Wednesday to discuss safety at the Russian-held Zaporizhzhia nuclear power plant in Ukraine, the watchdog said.
Source: SABCNews - 🏆 37. / 51 Read more »