Oil prices rise 2% after U.S. inventory drop.
Oil prices rose over 2% on Wednesday following an unexpected drop in U.S. crude and gasoline inventories last week and signals that OPEC+ might delay a planned production increase.
After plunging more than 6% earlier this week amid reduced concerns of a broader Middle Eastern conflict, Brent crude futures rose by $1.43, or 2.01%, to $72.55 per barrel, while West Texas Intermediate (WTI) futures gained $1.40, or 2.08%, to $68.61 per barrel.
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According to the Energy Information Administration (EIA), gasoline inventories fell unexpectedly to their lowest level in two years due to strong demand, while crude stocks also dropped amid lower imports. U.S. crude imports from Saudi Arabia, for example, hit a low of 13,000 barrels per day (bpd), down from 150,000 bpd the previous week, with imports from Canada, Iraq, Colombia, and Brazil also declining.
The primary support for oil prices came from the gasoline inventory drawdown as implied demand continued to rise week by week. Additionally, OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies like Russia, may delay its planned crude production increase in December due to weak demand and rising supply. OPEC+ has consistently stated that the unwinding of voluntary supply cuts depends on market conditions.
Amid global macroeconomic challenges, especially in China, OPEC+ is reportedly reconsidering the timing of its planned increase of 180,000 bpd in December. The group currently has a production cut of 5.86 million bpd, or approximately 5.7% of global oil demand.
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