Oil prices rose today, Wednesday, after a sharp decline in US crude stocks, as the market awaits the next steps from an upcoming meeting later in the day on the future level of production cuts in the Organization of Petroleum Exporting Countries (OPEC) and its allies.
By 06:40 GMT, Brent crude futures increased 22 cents, or 0.5%, to $ 43.12 a barrel, while West Texas Intermediate U.S. crude futures rose 23 cents, or 0.6%, to $ 40.52 a barrel.
Data from the American Petroleum Institute revealed that US crude inventories fell 8.3 million barrels in the week ending July 10, exceeding analysts’ expectations for a 2.1 million barrel decline, reflecting a recovery in fuel demand despite the Corona pandemic.
The US Energy Information Administration will release official figures today, Wednesday.
Regarding supplies, the market will be closely watching news of the OPEC Joint Ministerial Monitoring Committee meeting later on Wednesday.
It is scheduled to take the most important members of OPEC and its allies, including Russia, or what is known as the OPEC + group, to decide on extending production cuts by 9.7 million barrels per day that ends in July or reducing them to 7.7 million barrels per day.
Follow the economic statement via Google News