Crude oil futures fell last night (November 10). The price of crude oil fell from the mark of $82 after the U.S. announced that crude oil inventories increased last week. A strong dollar also put pressure on the oil market.
- WTI crude futures were down $2.81, or 3.3%, at $81.34 a barrel.
- Brent crude futures were down $2.14, or 2.5%, at $82.64 a barrel.
Crude oil contracts fell after the U.S. government’s Energy Information Administration (EIA) announced that U.S. crude oil inventories rose by 1 million barrels last week.
This is in contrast to the American Petroleum Institute (API), which previously reported that U.S. crude oil inventories fell by 2.5 million barrels last week.
The strength of the dollar has caused crude oil contracts priced in dollars to become more expensive for investors holding other currencies.
In addition, the oil market was also affected by plans to take measures to curb the rise in U.S. oil prices.
The U.S. may also announce the release of oil from strategic reserves (SPR) to stem the rise in domestic gasoline prices. This came after OPEC+ ignored U.S. demands to increase oil production by more than 400,000 barrels per day.
The Spot Market is Open
Thursday, November 11, 2021