Oil rises due to U.S. crude stocks shrink

Oil prices rose in early Asian trading on Wednesday, driven by a decline in U.S. crude stocks. However, concerns that OPEC+ will leave its production policy unchanged at its upcoming meeting acted as a constraint on oil prices.

The U.S. Energy Information Administration will release official data on oil inventories at 3:30 p.m. GMT on Wednesday.

In addition, market participants are keeping a close eye on OPEC+'s upcoming meeting on Dec. 4.

According to five OPEC+ sources, oil production policy is likely to remain unchanged at Sunday's meeting. However, two sources said additional production cuts are likely to be considered.

The group's meeting comes at a time when slowing economic growth and closure of the Chinese market because of COVID-19  are reducing demand for oil, and the looming European Union ban on Russian oil imports and G7 price caps on Russian oil question the volume of supply.