empty
 
 

2020.11.0409:57:00UTC+00Oil Prices Rise After API Data

Oil prices rose on Wednesday after industry data showed U.S. crude oil stocks fell sharply last week.

Benchmark Brent crude for January delivery jumped 1.8 percent to $40.42 a barrel, while West Texas Intermediate Crude oil futures for December delivery were up 1.9 percent at $38.39.

The American Petroleum Institute reported late Tuesday that U.S. crude inventories fell by 8 million barrels for the week ended Oct. 30, compared with analysts' expectations for a build of 890,000 barrels.

Gasoline stockpiles rose by nearly 2.5 million barrels, but distillate inventories fell by 577,000 barrels, the report showed.

Crude stocks at the Cushing, Okla., storage hub, rose by 981,000 barrels for the week. Inventory data from the Energy Information Administration will be out later today.

Oil prices also remain supported by optimism over a possible extension of OPEC+ supply cuts.

With the oil market facing a "very dangerous" situation, keeping current cuts into the first half of 2021 could be considered at the next OPEC+ meetings, state news agency APS quoted Algerian Energy Minister Abdelmadjid Attar as saying on Tuesday.

Meanwhile, as hopes of an early and decisive U.S. presidential election outcome fade, a victory by Donald Trump is viewed as bullish for oil because of his hardline stance on Iran.

Final results are expected to take a while because of unprecedented use of mail-in voting during the coronavirus pandemic.

  • 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 $1000 more!
    In April we raffle $1000 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