Crude oil prices up on China economic support pledge, tighter supply

Crude oil prices up on China economic support pledge, tighter supply

Global oil prices rose on Wednesday, boosted by China‘s pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories. Brent futures rose 9 cents, or 0.1%, to $79.72 a barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude was steady at $75.75 per barrel.

China’s top economic planner pledged on Tuesday that it would roll out policies to “restore and expand” consumption in the world’s second-largest economy as consumers’ purchasing power remained weak.

U.S. crude oil, gasoline and distillate inventories all fell last week, according to market sources citing figures by American Petroleum Institute, an industry group, on Tuesday, with crude stocks down by about 800,000 barrels. The market is expecting the weekly inventory report by the U.S. Energy Information Administration later on Wednesday which is expected to show further a drawdown in U.S. crude oil inventories, providing some more support to prices, ANZ’s note added.