Oil rises as US stocks fall, but Opec+ policy concerns limit gains

Oil prices rose in early Asian trade on Wednesday as US crude inventories were seen falling, but concerns that Opec+ would leave output policy unchanged at its upcoming meeting limited gains.

Brent crude futures were up 65c, or 0.8%, at $ 83.68 a barrel by 1.32am GMT, while US West Texas Intermediate ( WTI) crude futures rose 68c, or 0.9%, to $ 78.88 a barrel.

Helping to boost prices, US crude oil stocks were expected to have dropped by about 7.9- million barrels in the week ended November 25, according to market sources citing American Petroleum Institute ( API) figures on Tuesday. Gasoline inventories rose by about 2.9- million barrels, while distillate stocks were seen rising about 4- million barrels, according to the sources, who spoke on condition of anonymity.

Official figures are due by the US Energy Information Administration ( EIA) on Wednesday.

The market was also watching the upcoming meeting by the Organization of the Petroleum Exporting Countries and allies including Russia, known as Opec+.

Opec+ is likely to keep oil output policy unchanged at a meeting on Sunday, five Opec+ sources said, though two sources said an additional production cut was also likely to be considered to support prices.