Crude Oil Prices Move Lower with US Inventory Data in Focus

Crude Oil Prices Move Lower with US Inventory Data in Focus

Crude Oil Prices Move Lower with US Inventory Data in Focus

The West Texas Intermediate for November delivery decreased 0.70 USA dollar to settle at 50.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 0.69 dollar to close at 56.25 dollars a barrel on the London ICE Futures Exchange.

Oil prices rebounded from earlier losses, although they were still down on the session, after the Energy Department reported a larger-than-expected decline in US inventories and a falloff in weekly production on Thursday.

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Elsewhere, for December delivery on the ICE Futures Exchange in London was down 22 cents or about 0.39% at $56.72 a barrel.

Oil has strengthened in recent weeks due to a sharp drawdown in distillates feeding expectations for renewed demand, but it is unclear whether USA crude prices will regain the high of almost $53 a barrel reached in late September.

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The commodity had strengthened after Saudi Arabia in November. The Persian nation is an OPEC member and key Middle Eastern oil producer.

The Organisation for Economic Co-operation and Development's (OECD) commercial stocks fell 14.2m barrels in August to just over 3bn barrels, leaving the surplus 170m barrels over the five-year average, down from 318m barrels at the end of January.

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The monthly OPEC oil market report noted that, based on secondary sources, Angola produced 1.641 million barrels in September, a monthly drop of 2,900 barrels, while Nigeria increased production by 50,800 barrels to 1.855 million barrels.

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