The WTI crude oil contract closed down last night (Nov. 2) as investors sell profits after oil prices have risen in the past. Meanwhile, investors are keeping an eye on today’s report on U.S. crude oil inventories.
- WTI crude futures were down 14 cents, or 0.2%, at $83.91 a barrel.
- Brent crude futures were up 1 cent at $84.72 a barrel.
WTI oil futures close weaker due to profit taking. As a result, the contract price fell from the level of $84.
According to analysts, crude oil prices are still in an upward trend. The 50-week average of the WTI crude oil contract is expected to be $64.12 and could rise to $90-100. So far, the price has not been able to reach the 2014 high of $107.95.
Investors are also paying attention to the US crude oil inventories report. The report is to be published today by the EIA. Analysts forecast a 1.6 million barrel increase in crude oil inventories for the week ending October 29.
In addition, investors will be keeping an eye on the OPEC+ meeting on November 4, where the oil production policy for December will be set.
The Spot Market is Open
Wednesday, November 3, 2021