NEW YORK, Oct 30 (Reuters) – Oil prices rebounded on Wednesday, rising more than 2% after data showed U.S. crude and gasoline inventories fell unexpectedly last week and on reports that OPEC+ may delay a planned oil output increase.
U.S. imports of crude oil from Saudi Arabia fell to their lowest point last week since January 2021, at just 13,000 bpd, down from 150,000 bpd the previous week. Crude imports from Canada, Iraq, Colombia, Brazil all slipped on the week, the EIA said.
“The most supportive element was gasoline inventories drawing amid higher implied demand week-on-week,” Kpler analyst Matt Smith said, adding lower imports helped crude oil inventories eke out a minor draw.
“OPEC+ has always advised that the unwinding of voluntary supply cuts would be subject to market conditions,” said Harry Tchilinguirian, head of research at Onyx Capital Group.
“That they may be reconsidering the timing of a return of their barrels is not surprising given the weak macroeconomic realities, particularly in China, which have led to downward revisions in global demand growth estimates.”
A decision to postpone the increase could come as early as next week, two OPEC+ sources told Reuters.
OPEC+ is scheduled to meet on Dec. 1 to decide its next policy steps.
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Reporting by Nicole Jao in New York, Arunima Kumar in Bengaluru, Ahmad Ghaddar in London and Trixie Yap in Singapore; Editing by Marguerita Choy, Elaine Hardcastle
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