Oil up $2 on tighter supply

Published December 1, 2022

LONDON: Oil prices rose by more than $2 on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery.

But the likelihood that Opec+ will leave output unchanged at its upcoming meeting limited the gains.

Brent crude futures rose $2.34, or 2.82 per cent to $85.37 per barrel by 1455 GMT.

The more active February Brent crude contract rose by 3.04pc to $86.81.

US West Texas Intermediate (WTI) crude futures climbed $2.43, or 3.11pc, to $80.63.

Support followed expectations of tighter crude supply.

US crude oil stocks dropped by 7.9 million barrels in the week ended Nov. 25, according to market sources citing American Petroleum Institute figures on Tuesday.

Published in Dawn, December 1st, 2022

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