Oil edged up 1% on tumbling US production, China stimulus

International benchmarks for crude oil ended the trading session on Wednesday, 24 January 2024 about 1% higher following a report of a large draw in US commercial crude inventory. The latest report from the Energy Information Administration (EIA) showed the US drew 9.2 million barrels of crude last week, largely due to tumbling production due to bad weather conditions. 

Supporting the increases was also the decision from the PBOC to lower the RR among commercial banks by 0.5% effective 5 February, which will free up to $140 billion of cash to support the economy.

Brent added 49 cents or 0.6% to close at $80.04/barrel.

WTI gained 72 cents or 1% to settle at $75.09/barrel.