Distillate output stocks, which include heating oil and jet fuel, also declined, contrary to expectations for an increase.
The drop in inventories comes as demand for heating oil is expected to rise amid the strong winter storm United State.
Jet fuel consumption is also expected to rise with the post-coronavirus travel recovery and the end-of-year holiday season.
said Baden-Moore, head of commodity research at the National Australia Bank "market Crude Oil Well balanced".
added "As we look ahead to 2023, we see that the reopening in China and the potential continued increase in global demand for jet fuel (towards 2019 levels) will lead to a tightening in global crude markets and push prices higher.".
However, demand concerns stemming from rising coronavirus cases in China and concern of a global recession may dampen oil futures..
A senior WHO official said on Wednesday China You may find it difficult to accurately count injuries while the country is witnessing a significant increase in cases.
“>
And by 0422 GMT, Brent crude futures rose 44 cents, or 0.54 percent, to $ 82.64, extending gains of regarding 2.7 percent from the previous session. US West Texas Intermediate crude futures rose 49 cents, or 0.63 percent, to $78.78..
Both contracts jumped on Wednesday following government data showed a decline US crude stocks Much more than analysts expected, as it fell by 5.89 million barrels in the week ending December 16th.
Distillate output stocks, which include heating oil and jet fuel, also declined, contrary to expectations for an increase.
The drop in inventories comes as demand for heating oil is expected to rise amid the strong winter storm United State.
Jet fuel consumption is also expected to rise with the post-coronavirus travel recovery and the end-of-year holiday season.
Baden-Moore, head of commodities research at the National Australia Bank, said: Crude Oil Well balanced“.
He added, “As we look forward to 2023, we see that the reopening in China and the potential continued increase in global demand for jet fuel (towards 2019 levels) will lead to a scarcity in global crude markets and push prices higher.”“.
However, demand concerns stemming from rising coronavirus cases in China and concern of a global recession may dampen oil futures..
A senior WHO official said on Wednesday China You may find it difficult to accurately count injuries while the country is witnessing a significant increase in cases.
