Oil prices advanced in early Asian trade on Wednesday as U.S. crude inventories were seen reducing last week, while the dollar dropped, making oil less expensive for non-greenback holders.
Brent crude futures rose 8 cents to $80.07 per barrel by 8.26 A.M. (Thai time), while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29.
The American Petroleum Institute reported a draw of 3.1 million barrels in crude oil stocks for the week ending December 16. According to the sources, gasoline stockpiles rose by about 4.5 million barrels, while distillate stocks increased by 828,000 barrels.
The US dollar index, which moves in the opposite direction of oil, declined 0.69% on Tuesday.
Rising COVID-19 cases in China, meanwhile, slowed pricing gains.
In an interview with the Saudi state news agency, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that OPEC+ members do not factor politics into their assessments or forecasts.
The minister continued by saying that the controversial OPEC+ decision to reduce oil supply was necessary to maintain market and industry stability.
