Crude oil futures closed higher yesterday (Nov. 11) as investors benefited from speculation after oil prices fell sharply last Wednesday.
- WTI crude futures were up 25 cents, or 0.3%, at $81.59 a barrel.
- Brent crude futures were up 23 cents, or 0.3%, at $82.87 a barrel.
Crude oil futures rallied as investors speculated on buying after oil futures fell sharply by 3.3% on Wednesday.
The decline came after the EIA reported a 1 million barrel increase in U.S. crude oil inventories last week.
Oil prices were also negatively impacted by speculation that the U.S. may announce a drawdown from its Strategic Reserves (SPR) to stem the rise in domestic gasoline prices.
Oil prices were also pressured by the Organization of Petroleum Exporting Countries (OPEC) as it announced it would lower its oil demand forecasts for the fourth quarter of this year.
Fourth-quarter oil demand is forecast to average 99.49 million barrels per day. This is a decrease of 330,000 barrels per day from the forecast in the October report.
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Friday, November 12, 2021