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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Analysts polled by Reuters had expected an average decline of 1.1 million barrels in crude stocks.<\/p>\n","protected":false},"excerpt":{"rendered":"
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, …<\/p>\n","protected":false},"author":9,"featured_media":74099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[6832,6846,7004,6844],"class_list":["post-76150","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-china","tag-oil","tag-opec-2","tag-saudi"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=76150"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76150\/revisions"}],"predecessor-version":[{"id":76151,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76150\/revisions\/76151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/74099"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=76150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=76150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=76150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}