Investing.com Efforts to Stabilize China’s Economy on High US Crude Oil Supply

Author: Gina Lee

Investing.com – Oil rose in Asia on Wednesday morning, maintaining gains as the latest US crude oil supply data showed a higher level than expected. Trading volumes are also declining as the holiday approaches.

It rose 0.18% to $ 74.11 for 23:13 ET (4:13 AM GMT) and rose 0.37% to $ 71.38. New York futures closed up 3.7% on Tuesday, along with other financial assets. after a two-day decline.

It showed a 3.67 million barrel draw for the week ending December 17. Forecasts prepared by Investing.com had a raffle of 2,633 million barrels, up from 815,000 barrels last week.

API data also said U.S. gas storage increased 3.7 million barrels last week, inventories of Cushing’s key storage facility rose 1.27 million barrels and distillate supplies fell.

Investors are now waiting, later in the day.

In Asia-Pacific, Ning Jizhe, vice chairman of China’s National Development and Reform Commission, said the government would work to support economic growth by increasing government spending, strengthening support for manufacturers and stabilizing industrial supply chains.

The world’s largest oil importer will “strive to stabilize economic operations in the first quarter, first half of the year as well as throughout the year,” Ning told Xinhua News Agency.

In the face of COVID-19, British Prime Minister Boris Johnson said he would not impose any new restrictions before Christmas, but warned that they might be necessary later. His Australian counterpart Scott Morrison dismissed the blockades this morning instead of asking people to take booster shots.