WTI crude futures rose more than 2% to $80 after U.S. crude inventories fell more-than-expected last week.
At 23:26 Thai time, contract for West Texas crude oil (WTI) for January delivery. which traded on the NYMEX plus $1.91, or 2.44%, to $80.11 a barrel.
The US Energy Information Administration (EIA) said US crude inventories fell by 12.6 million barrels last week. While analysts had expected a drop of only 4.4 million barrels.
Furthermore, oil prices were also supported by the tense market conditions. including dollar depreciation and hopes that China will ease its measures to contain COVID-19. and it will return to open up the country which will increase the demand for oil
Investors are keeping tabs on the production policy meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its Allies (OPECPlus) on Dec. 4, as five sources said OPECPlus will not change its production in the next few days. Two other sources expect OPEC Plus to cut production more.
Previously, OPEC+ held a meeting on Oct. 5 where the meeting agreed to cut production by 2 million bpd for November.
