US West Texas Intermediate crude futures jumped 90c to $92.54 a barrel, while Brent crude futures for October climbed 70c to $100.01 a barrel
Melbourne — Oil prices recovered slightly on Wednesday as data pointed to firm fuel demand in the US, providing respite after a 5% drop a day earlier on fear of demand suffering from increased China Covid-19 curbs and central bank interest rate hikes.
Brent crude futures for October, due to expire on Wednesday, climbed 70c, or 0.7%, to $100.01 a barrel, trimming Tuesday’s $5.78 loss. The more active November contract was up 96c, or 1%, at $98.80 a barrel. Supporting market sentiment on Wednesday, data from the American Petroleum Institute showed gasoline inventories fell by about 3.4-million barrels, while distillate stocks, which include diesel and jet fuel, fell by about 1.7-million barrels for the week ended August 26.
Price gains were capped by worries that some of China’s biggest cities — from Shenzhen to Dalian — are imposing lockdowns and business closures to curb Covid-19 at a time when the world’s second-biggest economy is already experiencing weak growth.
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