# Oil News: Crude Prices Climb on U.S. Stock Draw and China Demand Outlook

> Oil prices rose over 1% on Friday after US crude inventories fell by 4.2 million barrels, more than forecast, and on optimism about Chinese economic growth. Brent settled at $74.17 and WTI at $70.60.

- Date: 2024-12-28 · published 2024-12-28T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/27121-oil-news-crude-prices-climb-on-u-s-stock-draw-and-china-demand-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A larger-than-expected inventory draw signals firmer US demand and tighter near-term supply, supporting crude prices and raising energy costs for feed production.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +10.1% | +9.3% |
| WTI | 2024-12-30 | [EIA: U.S. crude stocks fall on strong refining demand](https://feedsoft.ai/events/27162-eia-u-s-crude-stocks-fall-on-strong-refining-demand.md) | +4.2% | +4.2% |
| WTI | 2024-06-20 | [Oil prices rise on US crude draw; jobs data feeds rate cut hopes](https://feedsoft.ai/events/29926-oil-prices-rise-on-us-crude-draw-jobs-data-feeds-rate-cut-hopes.md) | -0.7% | +1.7% |
| WTI | 2018-01-09 | [Oil Jumps as Industry Data Shows U.S. Crude Stock Monster Draw - Bloomberg](https://feedsoft.ai/events/67152-oil-jumps-as-industry-data-shows-u-s-crude-stock-monster-draw-bloomberg.md) | +3.3% | +2.8% |
| WTI | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.6% | +6.4% |
| BRENT | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +7.7% | +7.6% |
| BRENT | 2024-12-30 | [EIA: U.S. crude stocks fall on strong refining demand](https://feedsoft.ai/events/27162-eia-u-s-crude-stocks-fall-on-strong-refining-demand.md) | +3.8% | +4.4% |
| BRENT | 2024-06-20 | [Oil prices rise on US crude draw; jobs data feeds rate cut hopes](https://feedsoft.ai/events/29926-oil-prices-rise-on-us-crude-draw-jobs-data-feeds-rate-cut-hopes.md) | +0.0% | -0.1% |

## Sources

- fxempire.com: https://www.fxempire.com/forecasts/article/oil-news-crude-prices-climb-on-u-s-stock-draw-and-china-demand-outlook-1486651

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.