Global prices made gains on the prospect of a rebound in Chinese demand, while the US saw its largest crude stockdraw in over two years. Atlantic basin benchmark North Sea Dated rose by $3.57/bl to $86.61/bl in the week to 1 December, while US benchmark WTI gained $3.28/bl to S81.22/bl over the eight days from 23 November. US crude inventories for the week to 25 November fell by 12.6mn bl to 419mn bl on higher refnery runs and exports, EIA data show. The drop was the largest since June 2019. US refners processed about 16.6mn b/d of crude, up by 230,000 b/d on the week, as refnery utilisation increased to 95.2pc of capacity, the highest since August 2019. US crude imports fell by 1mn b/d to 6mn b/d, and US crude exports rose by close to 710,000 b/d to 4.9mn b/d.
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