Oil futures edged slightly higher on Wednesday on hopes for improved Chinese demand while uncertainty about how a Western cap on Russian oil prices would play out kept markets on edge after a sharp fall the previous session.
Brent crude futures gained 13 cents, or 0.16%, at 0416 GMT to $79.48 a barrel, after they fell below $80 for the second time in 2022 during the previous trading session.
Brent's slump on Tuesday was the largest daily decline in prices since late September, which have traded in a $62 range this year.fewer new COVID-19 infections"China has rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. A potential drawdown in U.S. crude stockpiles of around 6.4 million barrels, according to API figures, also gave some sentiment support on the supply front.
"There's still tons of uncertainty in the markets today," said Claudio Galimberti, senior vice-president at Rystad Energy, adding the crude production drop in Russia may not be to the same extent as earlier expectations.Wall Street benchmarks also tumbled on Tuesday on uncertainty around the direction of Federal Reserve rate hikes and further talk of a looming recession.Oil prices have dropped by more than 1% for three straight sessions, giving up most of their gains for the year.
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