Oil rises amid decrease in US inventories

Global oil prices rose on November 10 morning amid data from the American Petroleum Institute (API) on the decline in US oil inventories over the past week, according to trading data, Report informs citing Prime agency.

As of 9:21 (GMT+4), January futures for Brent crude rose 0.27% to $85.02 per barrel, December futures for WTI rose 0.05% to $84.19 per barrel.

According to API data released early on November 10, the country’s commercial oil reserves fell by 2.5 million barrels in the week ended November 5. API also reported a slight decrease in gasoline inventories (by 0.6 million barrels) and an increase in distillate stocks (also by 0.6 million barrels).

Official statistics on US commercial stocks for the past week will be released by the country’s Department of Energy on November 10 evening. Analysts expect stocks to rise by 2.1 million barrels.

Investors are also looking at other news from the US. Earlier, the White House said that the US administration is interacting with OPEC+ to increase oil supplies and is working with antitrust authorities to curb price increases. In addition, a group of senator-Democrats previously sent a letter to President Joe Biden calling for a ban on oil exports and starting using the strategic oil reserve.

Markets are also evaluating data from the US Department of Energy’s monthly short-term forecast. On November 9, the department raised the forecast for the average oil production in the country for the current year to 11.13 million, and for next year to 11.9 million barrels per day.