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West Texas Crude (WTI) New York crude futures closed higher overnight (November 4) in response to a larger-than-expected drop in US crude stocks last week. This helps investors ease concerns about oversupply of oil.
WTI crude contract for December delivery rose $ 1.49, or 4 percent, to $ 39.15 a barrel.
Brent crude contract (BRENT) for delivery in January. It was up $ 1.52, or 3.8 percent, to $ 41.23 a barrel.
Crude oil contracts skyrocket The United States government’s Energy Information Administration (EIA) said US crude inventories fell 8 million barrels in the week ending October 30, just 600,000 more than expected by the US government. analysts.
The American Petroleum Institute (API), a group of the American oil industry. Previously revealed that US crude stocks were also down 8 million barrels in the week ending October 30.
EIA data also showed a 1.5 million barrel increase in gasoline inventories, while analysts had expected a 1.1 million decrease. That includes heating oil and diesel, down 1.6 million barrels, while analysts had expected a 2.4 million drop.
Oil exporting countries (OPEC) and allies OR OPEC Plus The meeting will be held from November 30 to December 1 to establish the oil production policy. Whereas before OPEC Plus plans to add 2 million barrels / day of oil production. As of January 2021, analysts at the Economist Intelligence Unit (EIU) predicted that OPEC Plus is likely to postpone plans to add 2 million barrels / day of production. Concerned about the impact of a new round of lockdown measures in Europe to curb the COVID-19 outbreak, OPEC Plus decided to cut production by 7.7 million barrels per day until the end of 2020. That will reduce production at 5.8 million barrels / day from January 2021. This will lead to an increase of 2 million barrels / day of crude oil from OPEC Plus flowing into the world oil market.
