Crude is steady as American crude inventories decline notwithstanding soaring output

On Thursday, crude prices didn’t change because American crude inventories sank notwithstanding a leap in output, while outside America an OPEC-led supply cut kept tightening the market.

Brent futures LCOc1 hit $60.56 a barrel, adding 0.1% from their previous close. This commodity benchmark has soared more than 35% since its 2017-minimums last June.

American West Texas Intermediate crude futures CLc1 showed $54.30 a barrel, staying intact from the previous settlement, although still 30% above its 2017-minimum in June.

Market participants told that crude markets were being underpinned by sagging American commercial crude inventories notwithstanding ascending output.

American commercial crude inventories went down by 2.4 million barrels by October 27 to 454.9 million barrels, as data from the Energy Information Administration revealed on Wednesday.

Similar

08.03.2022 21:17 Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

08.02.2022 09:40 First Oil Release After OPEC Meeting

US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.

01.02.2022 09:26 Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.