habit Oil prices The rise rose today, Wednesday, despite bleak indications of data on a sudden increase in US crude stocks and expectations of OPEC and the International Energy Agency for a recovery in oil demand over the next year.
Brent crude futures rose 63 cents, or 0.76%, to $81.31 a barrel by 10:56 GMT. West Texas Intermediate crude futures rose 67 cents to $76.06.
US crude inventories rose by 7.8 million barrels in the week ending December 9, according to market sources citing data from the American Petroleum Institute, while analysts polled by Archyde.com expected a decline in stocks by 3.6 million barrels.
Government data is expected at 15:30 GMT.
Inventory data overshadowed the high sentiment that pushed the market up 3% in the previous session, hoping for a recovery in demand in China with the easing of Covid-19 restrictions, and due to the weakness of the dollar following data showed declining inflation in the United States.
The Organization of the Petroleum Exporting Countries (OPEC) said in its 2023 outlook that oil demand will grow by 2.25 million barrels per day over the next year to 101.8 million barrels per day, with a possible increase from China.
Today, Wednesday, the International Energy Agency raised its estimate for oil demand in 2023 to an increase of 1.7 million barrels per day, to 101.6 million barrels per day.
The market also received support this week from the leakage and outage of TC Energy’s Keystone pipeline, which transports 620,000 barrels per day of Canadian crude to the United States.
Officials said it would take at least several weeks to fix.
