LONDON—Oil prices rose slightly on Wednesday amid plenty of caution as bullish signals like falling U.S. crude stocks and a generally undersupplied market were countered by bearish factors such as uncertain Chinese demand growth and falling gas prices.
Brent crude futures for December settlement rose 60 cents, or 0.7 percent, to $90.63 a barrel by 0913 GMT. Earlier in the session, Brent hit a low of $89.32.
U.S. West Texas Intermediate crude for November delivery, expiring on Thursday, was at $83.59 a barrel, up 77 cents, or 0.9 percent. The December contract was at $82.73, up 66 cents, or 0.8 percent.
In the previous session, the contracts fell to their lowest in two weeks on reports of U.S. President Joe Biden’s plans to release more barrels from the Strategic Petroleum Reserve (SPR)….