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oil and gasNovember 23, 2022

Oil prices climb on big drop in US crude stocks

Melbourne, Nov. 23 (BNA): Oil prices rose in early trade after industry data showed US crude stockpiles fell more sharply than expected last week.

Brent crude futures gained 25 cents, or 0.3%, to $88.61 a barrel at 01:01 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4%, to $81.30 a barrel.

The price cap, yet to be announced but due to be in place from December 5, will probably be adjusted a few times a year, a senior US Treasury official said on Tuesday.

Buoying prices on Wednesday, US crude inventories fell by about 4.8 million barrels for the week ended November 18, data from the American Petroleum Institute showed, according to Reuters.

However, on a bearish note, API data showed distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels compared with analysts' expectations for a drop of 600,000 barrels.