Oil Prices Rise as OPEC+ Cuts Tighten Market Despite Weak Chinese Economy
• Crude oil prices moved higher after EIA reported inventory draws across fuels like gasoline and middle distillates.
• Gasoline inventories dropped by 4.5 million barrels; middle distillate inventories fell by 4.1 million barrels.
• Oil prices ticked higher as traders focused on latest OPEC+ meeting taking a break from Chinese economic activity.
• Despite lack of stimulus details from China, prices rose as OPEC+ will continue cutting output by 2.2 million bpd.
• Signs show the oil market is tightening and OPEC+ cuts are "slowly making their way through the market."