WTI : Crude Oil held a recent decline to belo $89 per barrel on Wednesday, having lost more than 3% in the previous session, as Covid-related uncertainties in top oil importer China and a larger-than-expected build in US crude inventories dampened the demand outlook.
China’s escalating virus resurgence stoked fears of potential new lockdowns, dashing hopes for a gradual economic reopening and rebound in energy demand.
Meanwhile, industry data showed that US crude stockpiles jumped by about 5.6 million barrels last week, beating expectations for a 1.1 million barrel rise. US gasoline inventories also rose by about 2.6 million barrels despite forecasts for a 1.1 million barrel drawdown.
Still, the supply outlook remains tight as OPEC+ reduced output by 2 million barrels a day in November, while the European Union ban on Russian oil is set to take effect in December.WTI : Crude Oil held a recent decline to belo $89 per barrel on Wednesday, having lost more than 3% in the previous session, as Covid-related uncertainties in top oil importer China and a larger-than-expected build in US crude inventories dampened the demand outlook.
China’s escalating virus resurgence stoked fears of potential new lockdowns, dashing hopes for a gradual economic reopening and rebound in energy demand.
Meanwhile, industry data showed that US crude stockpiles jumped by about 5.6 million barrels last week, beating expectations for a 1.1 million barrel rise. US gasoline inventories also rose by about 2.6 million barrels despite forecasts for a 1.1 million barrel drawdown.
Still, the supply outlook remains tight as OPEC+ reduced output by 2 million barrels a day in November, while the European Union ban on Russian oil is set to take effect in December.
