Mubasher: Oil prices declined at the end of Wednesday’s trade, after data showed an increase in US oil stockpiles, contrary to experts’ expectations.
Nymex futures for December delivery went down by 0.6% to the level of $52.18 per barrel (pb).
On the other hand, Brent crude futures rose by 0.2% to $58.44 per barrel.
The data of the US Energy Information Administration (EIA) showed that crude oil inventories rose by 856,000 barrels, to a total of 457.3 million barrels.
It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other major non-OPEC producers agreed to cut output by around 1.8 million bpd from 1 January 2017 until March 2018.
OPEC will meet in Vienna on 30 November to decide on its output policy and OPEC officials have said the supply-cutting pact is likely to be extended beyond March, after compliance with the agreed production cuts reached 120% in September.
