Crude-oil prices rose Thursday, on shrinking U.S. inventories and signs of a drop in Russian exports. In recent market action:
- Brent-crude futures, the global benchmark, rose 1% to $83.42 a barrel.
- West Texas Intermediate, the U.S. marker, added 1.1% to $79.12 a barrel.
On Wednesday, government data showed U.S. commercial crude-oil stockpiles slid by 5.9 million barrels to 418.2 million barrels last week. They're about 7% below the five-year average.
Traders are still assessing the fallout of recent sanctions on Russia's oil industry. Ship-tracking data and Russian media reports, though, point to a decline in exports. Any major drop in 2023 would likely boost prices, analysts say.
Set against that, data show mobility levels are falling in China amid a surge in Covid-19 infections. While China's relaxation of its zero-tolerance approach could boost oil demand in the longer term, the rapid spread of the virus could initially have the opposite effect.
"Any rebound in oil demand on the back of the abrupt change in China’s Covid policy might be several months down the road," DNB Markets analyst Helge André Martinsen said in a note.
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December 23, 2022 at 12:12AM
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