Crude oil prices rally on US inventory drawdown, energized risk-appetite

Crude oil prices rally on US inventory drawdown, energized risk-appetite

On Wednesday, both US WTI (West Texas Intermediate) and UK crude oil futures’ prices gained ground followed by a larger-than-expected US crude inventory drawdown, while soothing comments on Omicron’s fiscal consequences had added to further bullish breeze.

Aside from that, earlier in the day, Government data had unveiled that US third-quarter economic growth had been revised higher, while a Conference Board survey report had illustrated that its index for US consumer confidence soared to 115.8 last month, illustrating prospects of a robust consumers’ spending deeper into next year.

Besides, US EIA (Energy Information Administration) data had unfurled that US crude oil inventories dropped to 4.7 million barrels last week, missing an analysts’ estimate which eventually had eased worries of a crude oil surplus on Q1, 2022 up to some extent.







Feathering up investors’ optimism further, the US FDA (Food and Drug Safety Administration) had authorized uses of Pfizer Inc’s pandemic oral Rx, while a study conducted by a perspicacious bunch of S. African physicians had unfurled that the people infected with Omicron variant would face off a much-reduced risk of hospitalization compared to those of alpha, beta of delta variants.

Besides, White