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Oil prices jump 2% as OPEC eyes extension of supply cuts

by ChemOrbis Editorial Team -
  • 04/11/2020 (19:36)
Oil markets closed 2% higher on Tuesday amid optimism over a possible extension of production cuts from the OPEC+ and a major decrease in US crude inventories. On the other hand, uncertainty over the presidential election in the US as well as the ongoing pandemic keep casting a shadow on energy markets.

Several media sources reported that OPEC and its allies are considering deeper supply cuts from January by a total of 7.7 million barrels/day to support crude oil markets.

Adding to this, data from the American Petroleum Institute (API) revealed that US crude inventories plunged by 8.01 million b/d in the week ended October 30.

Following the news, global benchmark Brent crude for January delivery rose 74 cents or 1.9% to settle at $39.71/barrel on Tuesday, while US benchmark West Texas Intermediate (WTI) crude for December delivery rose 85 cents or 2.3% percent to settle at $37.66/barrel.

At the time of writing, WTI and Brent crude oil futures both were trading 2.3% higher from the previous close at around $38.54/bbl and $40.63/bbl, respectively. Prices gave notable losses back in the second half of October, sending global benchmarks to a 5-month low.
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