Singapore, Dec 21 (BNA): Oil prices were little changed on Wednesday, with a bigger-than-expected decline in the United States
Brent crude futures rose 7 cents, or 0.1%, to $80.06 a barrel by 0404 GMT, while US West Texas Intermediate crude futures rose 4 cents, or 0.1%, to $76.27.
US crude inventories fell by about 3.1 million barrels in the week ending December 16, according to market sources citing data from the American Petroleum Institute, while nine analysts polled by Reuters estimated a decline of 1.7 million barrels in stocks.
The sources, who requested anonymity, stated that gasoline stocks increased by about 4.5 million barrels, while distillate stocks increased by 828 thousand barrels.
“The larger-than-expected draw in oil inventories was a bullish factor as supply shortage issues could fester again on the back of China’s reopening (and) the US’s refilling of its Strategic Petroleum Reserve,” said Tina Teng, analyst at CMC Markets.
China’s imports of crude oil from Russia rose 17% in November from a year earlier, as Chinese refiners scrambled to secure more shipments ahead of a price cap imposed by the Group of Seven nations on Dec. 5.
Stability of oil prices with lower prices in the United States
EAE