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Oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline inventories fell unexpectedly last week and on reports that OPEC+ may delay a planned oil output increase.
After falling more than 6% earlier in the week on the reduced risk of wider Middle East war, Brent crude futures settled up $1.43, or 2.01%, at $72.55 a barrel. U.S. West Texas Intermediate crude rose $1.4, or 2.08%, to $68.61.
U.S. gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped.
U.S. imports of crude oil from Saudi Arabia fell to their lowest point last week since January 2021, at just 13,000 bpd, down from 150,000 bpd the previous week. Crude imports from Canada, Iraq, Colombia, Brazil all slipped on the week, the EIA said.
Reuters reported that OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concerns over soft oil demand and rising supply.
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