Oil prices rise as US crude inventories unexpectedly shrink
Investing.com-- Oil prices rose in Asian trade on Wednesday, recovering mildly from recent losses as expectations of tight near-term markets were furthered by industry data showing a draw in U.S. inventories.
The API data, which usually heralds a similar trend from official inventory data, showed inventories shrinking for a fourth consecutive week, as oil demand likely picked up with the travel-heavy summer season. Increased global oil production, coupled with the prospect of softer demand in top importer China, is expected to keep oil markets well-supplied in the coming months.
The Third Plenum of the Chinese Communist Party yielded few cues on Beijing’s plans for more stimulus.
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