Global crude oil news

30 Nov 2022 , 08:38 AM

As U.S. crude inventories are expected to decline, oil prices gained in early Asian trade on Wednesday. However, gains were constrained by worries that OPEC+ might maintain its current output policy at its upcoming summit.

Brent crude futures had increased by 65 cents or 0.8% to $83.68 per barrel, while U.S. West Texas Intermediate (WTI) crude futures had increased by 68 cents or 0.9% to $78.88 per barrel.

U.S. crude oil stocks were anticipated to have decreased by roughly 7.9 million barrels in the week ending November 25, according to news reports citing American Petroleum Institute data on Tuesday. This helped to drive up prices.

The U.S. Energy Information Administration may release official numbers for gasoline inventory by Wednesday.

The market was also keeping an eye on the Organization of the Petroleum Exporting Countries’ (OPEC+) impending meeting with its partners, notably Russia.

Slowing economies, Chinese COVID-19 lockdowns, an impending EU embargo on Russian crude imports, and a G7 price ceiling on Russian crude intensify supply concerns as the group meets.

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