WTI crude futures rose more than 2% to $80 following US crude stockpiles fell more than expected last week.
At 11:26 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in January. which traded on the NYMEX plus $ 1.91, or 2.44%, to $ 80.11 / barrel.
The U.S. Energy Information Administration (EIA) said U.S. crude inventories fell 12.6 million barrels last week. While analysts expected a drop of only 4.4 million barrels.
In addition, oil prices were also supported by tight conditions in the market. including the depreciation of the dollar and the hope that China will ease its measures to contain COVID-19. and will return to open the country which will increase demand for oil
Investors are keeping an eye on the production policy meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPECPlus) on Dec. 4, while five sources said OPECPlus will not change its production policy in the coming days. this meeting Two other sources expect OPEC Plus to cut more output.
Earlier, OPEC+ held a meeting on Oct. 5 where the meeting agreed to cut output by 2 million bpd for November.