Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in U.S. crude and fuel stockpiles, raising supply concerns and offsetting worries about slowing demand from top importer China. Brent crude futures rose 89 cents, or 0.9%, to $105.86 a barrel by 0223 GMT. West Texas Intermediate crude futures rose 97 cents, or 1%, to $103.38 a barrel. In the United States, crude and fuel stocks fell last week, according to market sources citing American Petroleum Institute figures. Crude stocks fell by 3.5 million barrels for the week ended April 29, the sources said, more than an expected 800,000-barrel drop in a Reuters poll.

Source: The Nation May 04, 2022 09:05 UTC