Oil Prices Climb After Drawdown in Stocks, Positive Demand Outlook

Oil Prices Climb After Drawdown in Stocks, Positive Demand Outlook
A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, on Nov. 22, 2019. Angus Mordant/Reuters
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SINGAPORE—Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen.

But a fall in China’s crude oil throughput in August with daily refinery runs hitting the lowest since last May, and overall factory output faltering, capped oil price gains.