Oil prices rose slightly after data on the decline in US oil inventories

Oil prices rose slightly on Wednesday, after data showing a larger-than-expected decline in US crude inventories last week offset fears that China’s fuel demand will decline amid tightening COVID-19 restrictions.

Brent crude futures rose 27 cents, or 0.3 percent, to $88.63 a barrel at 0719 GMT, while West Texas Intermediate crude futures rose 25 cents, or 0.3 percent, to $81.20 a barrel.

Both benchmark contracts rose about 1 percent on Tuesday after the UAE, Kuwait, Iraq and Algeria reinforced statements made by the Saudi energy minister, in which he said that the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is not considering increasing oil production. OPEC+ meets to review production on December 4.

According to market sources, data from the American Petroleum Institute showed that US crude inventories declined by about 4.8 million barrels in the week ending November 18.

Analysts polled by Reuters had expected an average decline of 1.1 million barrels in crude stocks.