Oil bounced on Wednesday upon the release of slumped U.S. inventory figures, also the slipped dollar and the bolstered hopes on China’s demand and its economic status.

The increased probability that OPEC+ will keep the output untouched in their next meeting hindered earnings.

Brent crude futures climbed to $83.73 per barrel while WTI rose 0.72% at 78.76 per barrel.

Drop in the number of infected covid-19 cases has been reported by China, giving glimmered hopes to investors that the country may start easing the imposed restrictions to combat the pandemic.

It is forecasted by Rystad Energy senior vice president Claudio Galimberti that Brent will spike on average $90 and $80 for WTI during the first 2 weeks of December.

Investors are awaiting the Fed Speak today by Fed Chair Jerome Powell, intending to seek hints to find out whether Fed has any intentions to ease its hawkish interest rate hikes or not.