Oil prices saw a slight move on Wednesday as the U.S. crude stocks withdrawals came higher beyond expectations which gave some relief amid the concerns over the surged covid cases in China.

Brent crude futures advanced by 0.1% at $80.07 per barrel while WTI crude futures slumped at $76.22.

Figures of the U.S. crude inventories for the last week came with a slip of 3.1 million barrels, way higher than the previously forecasted at 1.7 million barrels according to a poll conducted by Reuters.

While gasoline inventories nudged up by 4.5 million barrels and 828,000 barrels for distillate.

Oil prices have gained a backup from the beyond expected U.S. inventories figures and also from the U.S. plan for the strategic petroleum reserve refill.

But worries are now hovering around the rising infected Covid-19 cases and its effect on the demand.

Prince Abdulaziz Bin Salman reported during an interview that the tight supply policy that OPEC+ followed turned out to be very beneficial and came in handy for the markets, those remarks reinforced oil prices.