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Brent crude futures were up by $1.77, or 2.2%, at $81.76 a
barrel by 1306 GMT. U.S. West Texas Intermediate (WTI) crude
futures gained $1.68, or 2.2%, to $77.91.
U.S. crude inventories fell by about 3.1 million barrels in the
week to Dec. 16, said market sources, citing data from the
American Petroleum Institute. Nine analysts polled by Reuters
had forecast a drop of 1.7 million barrels. Official government
data is due at 1530 GMT. [EIA/S]
Prices were also boosted by comments from Saudi Arabia's energy
minister, who said on Tuesday that the heavily criticised move
by OPEC+ to cut oil output turned out to be the right decision.
The comments suggest that OPEC+ may continue to keep supply
tight, said CMC Markets analyst Tina Teng.
Potentially curtailing oil demand, huge parts of the United
States are forecast to face heavy snow that is likely to cause
flight delays and impassable roads during one of the busiest
travel periods of the year.
Worries about surging COVID-19 cases in China as the country
begins dismantling its zero-COVID policy kept oil prices from
moving higher.
However, China's crude oil imports from Russia in November rose
17% year on year as Chinese refiners rushed to secure more
cargoes ahead of a price cap imposed by the Group of Seven
nations and an EU embargo from Dec. 5.
Overall, Russian oil exports fell by 11% month on month for Dec.
1-20 after the European Union's embargo on Russian oil came into
force, the Kommersant daily reported.
(Reporting by Shadia Nasralla, Dmitry Zhdannikov and Rowena
Edwards;Additional reporting by Isabel Kua in SingaporeEditing
by David Goodman)
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