The prices of oil soared, Wednesday, more than 1% after industry data showed a dip in U.S. crude inventories.
This downward slope suggests demand is holding up despite steep interest rate hikes dampening global growth.
Brent crude futures soared by $1.13, or 1.2%, to $95.78 a barrel at 0441 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.26, or 1.4%, to $89.63 a barrel.
Both benchmark contracts rose about 2% in the previous session on a weaker U.S. dollar and after an unverified note trending on social media said the Chinese government was going to consider ways to relax COVID rules from March 2023, potentially boosting demand in the world’s second-largest oil user.
Similarly, on Tuesday, data from the American Petroleum Institute showed crude oil stocks fell by about 6.5 million barrels for the week ended Oct. 28, according to market sources.
