empty
 
 

2021.11.0218:51:00UTC+00Oil Futures Settle Lower Ahead Of Inventory Data

Crude oil futures settled lower on Tuesday amid concerns about growth after data showed a slowdwon in Eurozone manufacturing activity amid rising input costs due to supply chain bottlenecks and logistical problems.

However, oil's downside was limited after a Reuters survey suggested that the increase in OPEC's oil output in October was short of the rise planned under a deal with allies.

West Texas Intermediate Crude oil futures for December settled at $83.91 a barrel, losing $0.14 or about 0.2%.

Brent crude futures were down $0.18 or 0.2% at $84.53 a little while ago.

The OPEC and its allies, collectively known as OPEC+ will meet on Thursday to decide on output levels. The alliance is expected to stick to the gradual, monthly production increases of 400,000 barrels per day.

Traders looked ahead to the weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while EIA will release its inventory data Wednesday morning.

Analysts expect an increase of 1.6 million barrels in crude stockpiles in the U.S. in the week ended October 29th.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback