Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Last Call for Cyber Monday! Save Now on Claim 60% OFF
Oil Prices Rise Amid Falling U.S. Crude Inventories
Published Nov 14, 2019 01:09AM ET
© Reuters.
Investing.com - Oil prices gained on Thursday in Asia after the American Petroleum Institute (API) reported that U.S. crude inventories fell last week.
U.S. Crude Oil WTI Futures rose 0.7% to $57.51 by 1:08 AM ET (05:08 GMT). International Brent Oil Futures also gained 0.6% to $62.77.
The API reported that crude inventories fell by about 500,000 for the week ended Nov. 8.
Crude oil prices popped 1.11% following the report after settling 0.6% higher.
Analysts are expecting that the Energy Information Administration’s government data will show a rise of 1.65 million barrels in crude stocks for the week ended Nov. 8.
In other news, also supporting oil prices today were comments by Mohammad Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries, who said global economic fundamentals remained strong, and he said he was still confident the U.S. and China would reach a trade deal.
“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting. Signals sent out by the cartel earlier that it probably won’t ask for additional output cuts next month had been one of the factors weighing on oil.
He added that there will likely be downward revisions of supply going into 2020 especially from the U.S. shale.
Looking ahead, OPEC and its allies, including Russia, will meet on Dec. 5-6 to discuss output policy and whether to extend production curbs of 1.2 million bpd that have been in place since January.
Related Articles
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
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.