Oil prices rose on Wednesday, rebounding from initial losses after US stock data showed strong consumer demand and the Federal Reserve said it would end its pandemic-era bond purchases in March to slow the rise of inflation.
Prices came under pressure for most of the day due to continued concerns that supply growth will outpace demand next year and concerns that Covid-19 vaccines may be less effective against the spread of the Ômicron variant.
Brent crude rose $0.18, or 0.2%, to $73.88 a barrel. US crude oil (WTI) closed up $0.14 to $70.87 a barrel.
The Federal Reserve has said it would end its purchases of pandemic-era bonds in March and start raising interest rates as unemployment remains low and inflation soared.
Oil prices rose in line with other risky assets such as US equities, which responded positively to the Fed’s statement.
US oil inventories fell 4.6 million barrels last week and oil and gasoline inventories also retreated, weekly government data showed.
Oil exports rose sharply, while oil supplied by refiners, a sign of consumer demand, hit a record 23.2 million barrels a day.
(Additional reporting by Stephanie Kelly and Laura Sanicola)
Reference: CNN Brasil
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