Oil prices steady as drawdown in U.S. crude stocks counters China COVID concerns – Reuters

Oil prices steady as drawdown in U.S. crude stocks counters China COVID concerns – Reuters

SINGAPORE, Dec 21 (Reuters) - Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China.

Brent crude futures rose 7 cents, or 0.1%, to $80.06 per barrel by 0404 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents, or 0.1%, to $76.27.

U.S. crude inventories fell by about 3.1 million barrels in the week to Dec. 16, according to market sources citing data from the American Petroleum Institute, while nine analysts polled by Reuters had estimated a 1.7 million barrel drop in stocks.