December 22, 2022 [Capital Market] – Crude Oil prices were largely steady on Wednesday, holding above $76 per barrel after API reported that US crude inventories declined by 3.1 million barrels last week, exceeding estimates for a 0.2 million barrel drop and compared to the prior week’s 7.8 million barrel build-up. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by 211 million barrels, now at its lowest level since January 1984.
However, growing uncertainty over an economic reopening in major importer China, which is struggling with an unprecedented spike in COVID-19 infections, restricted gains in the commodity. WTI Crude Oil futures are currently quoting at $76.42 per barrel, up 0.25%c on the day.
