Oil Rises On Large US Crude Draw; China COVID Concerns Loom

23 Nov 2022 , 02:05 PM

Crude oil prices rises on Wednesday following API data that reported a larger-than-expected U.S. crude drawdown last week. U.S. crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed. Moreover, a cautiously lower dollar too supported gains in the commodity. However, concerns about lower fuel demand from China amid tightening COVID-19 curbs continue to keep oil under pressure. The latest Covid wave has hit the southern city of Guangzhou, the capital city of Beijing and many central parts of China ? prompting local officials to tighten restrictions on business and social activity this month. WTI crude oil futures are currently quoting up nearly 1% at $81.64 per barrel. Powered by Commodity Insights