Oil prices rose on Wednesday after falling the previous day on worries about global economic growth, supported by expectations of a recovery in demand in top importer China following its exit from COVID-19 curbs.
By 9.14 a.m. (Thai time), Brent crude futures had recovered 59 cents, or 0.7%, to $86.72 per barrel after dropping 2.3% the previous day. US West Texas Intermediate (WTI) crude futures gained 46 cents, or 0.6%, to $80.59 per barrel after falling 1.8% on Tuesday.
An unexpectedly large increase in U.S. oil inventories was revealed after Tuesday’s market close, adding to economic concerns.
The American Petroleum Institute said on Tuesday that crude oil inventories in the United States increased by 3.4 million barrels in the week ending January 20. In a preliminary poll conducted by Reuters on Monday, 1 million units were predicted to be built.
The oil supply is predicted to be stable for the medium term, as OPEC and its allies (OPEC+) are likely to maintain their output quotas.
