Brent, WTI Prices Edge Higher 

Brent, WTI Prices Edge Higher 
Brent, WTI Prices Edge Higher 

Oil prices inched higher on Wednesday as data showing a larger-than-expected US crude drawdown last week outweighed concerns about lower fuel demand from China amid tightening Covid-19 curbs.
Brent crude futures rose 27 cents, or 0.3%, to $88.63 a barrel, while US West Texas Intermediate crude futures gained 25 cents, or 0.3%, to $81.20 a barrel, Reuters reported.
Both benchmark contracts rose about 1% on Tuesday as the UAE, Kuwait, Iraq and Algeria reinforced comments from Saudi Arabia's energy minister that the Organization of Petroleum Exporting Countries and allies, jointly called OPEC+, were not considering boosting oil output. 
OPEC+ next meets to review output on Dec. 4.
US crude inventories fell by about 4.8 million barrels for the week ended Nov. 18, data from the American Petroleum Institute showed, according to market sources.
Analysts polled by Reuters on average had expected a 1.1 million-barrel drawdown in crude inventories.
Distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels compared with analysts' expectations for a drop of 600,000 barrels.
Uncertainty over how Russia will respond to plans by the Group of Seven nations to cap Russian oil prices also provided some support to the market.

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