Weekly Crude Oil Review: WTI Futures Cautiously Steady

3 Dec 2022 , 02:22 PM

Oil prices remained steady on the back of broad weakness in the dollar and expectations of improving demand from top importer China. Shanghai, Guangzhou and a few other cities are lifting some quarantines despite rising case numbers amid reports that Sun Chunlan, Chinas vice-premier, announced that the nation may be ready to amend its Zero-Covid policy. Meanwhile, investors await an OPEC+ meeting on December 4th amid recent speculation of more production cuts. WTI crude oil futures rose back above $80 per barrel mark after testing a multi month low around $74 per barrel. The US Energy Information Administration (EIA) reported a crude oil inventory decline of 12.6 million barrels for the week to November 25. At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Gasoline inventories added 2.8 million barrels in the reporting period, with production averaging 9.4 million bpd. This compared with a build of 3.1 million barrels for the previous week, with production at 9.2 million barrels daily. Powered by Commodity Insights