Asset classes ranging from oil to equities have eased losses since late November, when the Omicron version of COVID-19 left investors scrambling for safety.
see photosBrent crude was up 26 cents, or 0.3%, at $79.20 a barrel by 0759 GMT.
Oil prices rose on Wednesday after an overnight rally as industry data showed a fall in US inventories, boosting demand sentiment.
Brent crude was up 26 cents, or 0.3%, at $79.20 a barrel by 0759 GMT. US West Texas Intermediate (WTI) crude climbed 19 cents, or 0.2%, to $76.17 a barrel.
“Some prolonged cover is evident in Asia today in an otherwise non-narrating session,” OANDA analyst Jeffrey Haley said in a note.
Both contracts are trading near their highest levels in over a month on firm global equities.
Asset classes ranging from oil to equities have eased losses since late November, when the Omicron version of COVID-19 left investors scrambling for safety.
US crude oil stocks fell by 3.1 million barrels in the week ended December 24, data from the American Petroleum Institute showed market sources said late on Tuesday, in line with expectations of nine analysts polled by Reuters. .
At its last meeting, OPEC+ stuck to its plan to boost production for January despite Omicron.
Petrol inventories fell by 319,000 barrels, lower than expected, while distillate stocks declined by 716,000 barrels, compared to expected declines of 200,000 barrels.
Weekly data from the US Energy Information Administration is due later on Wednesday.
Three oil producers have slashed oil prices, declaring unforeseen in part of their oil output this month due to maintenance issues and oil field closures.
Russian Deputy Prime Minister Alexander Novak, in charge of Moscow’s relationship with the OPEC Plus group oil producers, has said the group has resisted calls from Washington to boost production as it seeks to provide clear guidance to markets and policy. doesn’t want to be distracted.
Investors are looking forward to an OPEC+ meeting on January 4, at which the coalition will decide whether to go ahead with a planned production increase of 400,000 barrels per day in February.
0 notes
At its last meeting, OPEC+ stuck to its plan to boost production for January despite Omicron.
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