{"id":11795,"date":"2022-11-02T16:38:56","date_gmt":"2022-11-02T16:38:56","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=11795"},"modified":"2022-11-02T16:38:56","modified_gmt":"2022-11-02T16:38:56","slug":"oil-climbs-on-demand-hopes-after-big-drawdown-in-us-crude-stocks","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/oil-climbs-on-demand-hopes-after-big-drawdown-in-us-crude-stocks\/","title":{"rendered":"Oil climbs on demand hopes after big drawdown in US crude stocks"},"content":{"rendered":"<p>Oil climbs on demand hopes after big drawdown in US crude stocks. Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in United States crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth.<\/p>\n<p>Brent crude futures picked up 17 cents, or 0.1 per cent, to $94.82 a barrel at 0014 GMT, while US West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3pc, to $88.63 a barrel.<\/p>\n<p>Both benchmark contracts rose about 2pc in the previous session on a weaker US dollar and after an unverified note trending on social media said the Chinese government was going to consider ways to relax Covid rules from March 2023.<\/p>\n<p>In a further positive sign for demand, data on Tuesday from the <a href=\"http:\/\/www.api.org\/\">American Petroleum Institute<\/a> showed crude stocks fell by about 6.5 million barrels for the week ended Oct 28, according to market sources.<\/p>\n<p>Eight analysts polled by media had on average expected crude inventories to rise by 400,000 barrels.<\/p>\n<p><em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/business\/opec-cuts-2022-2023-oil-demand-growth-view-as-economy-slows.html\">OPEC cuts 2022, 2023 oil demand growth view as economy slows<\/a><\/strong><\/em><\/p>\n<p>At the same time, gasoline inventories fell more than expected, with stockpiles down by 2.6m barrels compared with analysts&#8217; forecasts for a drawdown of 1.4m barrels.<\/p>\n<p>China&#8217;s zero-Covid policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world&#8217;s second-largest economy.<\/p>\n<p>\u201cPotential changes to China&#8217;s Covid-19 policy could have significant implications for oil demand,\u201d ANZ Research analysts said in a note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil climbs on demand hopes after big drawdown in US crude stocks. Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in United States crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures picked up 17 cents, or 0.1 per [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":11796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9],"tags":[6981,7364,6362,7366],"class_list":["post-11795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","tag-american-petroleum-institute","tag-oil-prices","tag-opec","tag-us-west-texas-intermediate"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/11795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=11795"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/11795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/11796"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=11795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=11795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=11795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}