To plug the gap, President Biden will announce a plan later on Wednesday to sell off the remainder of his release from the SPR and detail a strategy to refill the stockpile when prices drop, a senior administration official said. 'With EU ban on Russian crude looming in early December, we would still be overall bullish than bearish on oil at current levels,' DBS' Sarkar said. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. The OPEC+ cut and EU embargo will squeeze supply in an already tight market. The pending European Union ban on Russian crude and oil products and the output cut from the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, of 2 million barrels per day also kept prices strong. That is equal to about 104 million barrels. Private mega refiner Zhejiang Petrochemical Corp (ZPC) won additional crude oil import quota for 2022 of 10 million tonnes and state-run ChemChina received a further quota of 4.28 million tonnes. Prices were also supported on signs of resurgent Chinese demand. 'The small rebound in oil prices is more likely due to more positive sentiment on the equity bourses and return of risk on trades than industry fundamentals,' said Suvro Sarkar, lead energy analyst at DBS Bank in Singapore. corporate earnings and rising equity markets. Oil prices were also buoyed by better risk sentiment which was lifted by upbeat U.S. President Joe Biden's plans to release more barrels from the Strategic Petroleum Reserve (SPR). In the previous session, Brent fell by 1.7% and WTI fell by 3.1% to their lowest in two weeks on reports of U.S. WTI's front-month contract expires on Thursday and the more active December contract was at $82.89, up 82 cents, or 1.0%. West Texas Intermediate crude for November delivery was at $83.69 a barrel, up 87 cents, or 1.1%. stock exchange.SINGAPORE (Reuters) - Oil prices climbed on Wednesday, paring losses from the previous session, as investors jumped into more risky assets such as commodities amid gains in broader equity markets and on signs of renewed demand from top oil importer China.īrent crude futures for December settlement rose 46 cents, or 0.5%, to $90.49 a barrel by 0455 GMT. If you are good with personal finance and are looking to invest, you will find the Twitter on NEW YORK STOCK EXCHANGE INC. Always read up on optimal investment strategies if you are new to investing.

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