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Oil prices up amid decreasing US crude stocks

Oil&Gas Materials 22 November 2017 11:15 (UTC +04:00)
World oil prices are rising on Nov.22 amid the report of the American Petroleum Institute (API) about the volume of US crude stocks.
Oil prices up amid decreasing US crude stocks

Baku, Azerbaijan, Nov.22

By Leman Zeynalova – Trend:

World oil prices are rising on Nov.22 amid the report of the American Petroleum Institute (API) about the volume of US crude stocks.

Over the week ending Nov.17, US crude stocks have dropped by 6.356 million barrels to 452.6 million barrels, according to API report. This is while analysts expected the country’s crude stocks to decrease by 1.5 million barrels.

As a result, the price for January futures of Brent crude oil has increased by 0.85 percent and stood at $63.10 per barrel as of 01:52 (EST). This is while the price for January futures of West Texas Intermediate (WTI) oil rose by 1.48 percent to $57.66 per barrel.

Another factor pushing the oil prices up is the optimism about the outcomes of the upcoming OPEC/non-OPEC meeting to be held Nov.30 in Vienna.

Iran’s oil minister Bijan Namdar Zanganeh earlier said that majority of OPEC members support extending output cuts.

OPEC and other key oil producers will meet on Nov. 30 to discuss whether to extend the current price-supporting curbs on crude output.

The group has been restraining output since the start of this year in a bid to end a global oversupply. It is widely expected that the agreement will be extended to cover the whole of next year.

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Follow the author on Twitter: @Lyaman_Zeyn

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