Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Down as U.S. Reports Big Build in Crude Stocks

Commodities Nov 02, 2021 11:51PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Oil was down Wednesday morning in Asia, with investors digesting a big build in U.S. crude oil stocks. The Organization of the Petroleum Exporting Countries (OPEC) is also coming under increasing pressure to boost supply.

Brent oil futures fell 1.29% to $83.63 by 11:48 PM ET (3:48 AM GMT) and WTI futures slid 1.62% to $82.55.

U.S. crude oil supply data from the American Petroleum Institute, released on Tuesday, showed a build of 3.594 million barrels for the week ended Oct. 29. Forecasts prepared by Investing.com had predicted a 1.567-million-barrel build, while a build of 2.318 million barrels was recorded during the previous week.

Investors now await crude oil supply data from the U.S. Energy Information Administration, due later in the day.

"Crude oil lower as pressure mounted on OPEC to boost output. U.S. President Joe Biden led calls from major economies for the group to increase production beyond what has already been agreed," ANZ analysts said on a note.

Biden, speaking at the COP26 climate summit taking place in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC to pump more crude oil.

The cartel will meet on Nov. 4 to set output policy, which is widely expected to remain unchanged.

“OPEC is coming under more political pressure from importing countries to boost supply because oil prices are at the highest level in seven years,” Raymond James & Associates Inc. analyst Pavel Molchanov told Bloomberg.

“Balancing the question mark about demand with political pressure on the other end of the spectrum, it seems like maintaining status quo is the most logical approach for OPEC to take right now.”

Meanwhile, BP (NYSE:BP) said on Tuesday it will ramp up investments in its onshore U.S. shale oil and gas business to $1.5 billion in 2022 from $1 billion in 2021.

Oil Down as U.S. Reports Big Build in Crude Stocks
 

Related Articles

Energy & Precious Metals - Weekly Review and Outlook
Energy & Precious Metals - Weekly Review and Outlook By Investing.com - Jun 26, 2022 7

By Barani Krishnan Investing.com -- Fears of a recession and a seemingly ruthless Federal Reserve have wreaked havoc this month, with U.S. crude posting back-to-back weekly losses...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email