Oil finds support on industry data showing a large 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.
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