: Oil futures end higher for the session, but post a loss for the month
Oil futures climbed on Wednesday, buoyed by a hefty weekly decline in U.S. crude inventories. Traders also looked for signs of any easing of China’s zero-COVID restrictions, which have influenced energy demand, and hints on major oil producers’ decision on production levels expected Sunday. Tyler Richey, co-editor of Sevens Report Research, said the Organization of the Petroleum Exporting Countries and their allies are not expected to make any changes to current output targets, which should leave oil “range bound.” U.S. benchmark WTI crude for January delivery CLF23 rose $2.35, or 3%, to settle at $80.55 a barrel on the New York Mercantile Exchange, the highest finish since Nov. 22, according to Dow Jones Market Data. For the month, prices based on the front month fell 6.9%.
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