Oil
Brent oil prices hedged higher during early Wednesday trading. The release of US oil inventories data revealed an unexpected decrease of 4.8 million barrels over the course of the previous week. This surprisingly large drawdown overshadowed expectations of a reduction in demand, caused by the reinstating of Covid-related restrictions in China. Another factor also driving the recovery in oil prices is the uncertainty over how Russia may react to the expected imposition of a cap on its oil prices, which is being planned by the G7.
