MELBOURNE : Oil prices inched up on Wednesday as industry data showed U.S. fuel stocks fell more than expected, recovering slightly from a 5 per cent drop on Tuesday on fears fuel demand will suffer as China steps up COVID-19 curbs and central banks hike interest rates.U.S. West Texas Intermediate (WTI) c
MELBOURNE : Oil prices inched up on Wednesday as industry data showed U.S. fuel stocks fell more than expected, recovering slightly from a 5 per cent drop on Tuesday on fears fuel demand will suffer as China steps up COVID-19 curbs and central banks hike interest rates.
Brent crude futures climbed 48 cents, or 0.5 per cent, to $99.79 a barrel, trimming Tuesday's $5.78 loss. The October contract expires on Wednesday. The more active November contract was up 61 cents, or 0.6 per cent, at $98.45 a barrel. The drawdown in gasoline inventories was nearly triple the 1.2 million barrel drop that eight analysts polled by Reuters had expected on average. For distillate inventories they had expected a drop of about 1 million barrels.
Price gains were capped by worries that some of China's biggest cities - from Shenzhen to Dalian - are imposing lockdowns and business closures to curb COVID-19 at a time when the world's second-biggest economy is already experiencing weak growth.
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