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New York WTI crude futures closed lower on Nov. 16 after the International Energy Agency (IEA) forecast a slowdown in global oil prices.
WTI crude futures were down 12 cents, or 0.2%, to $80.76 a barrel.
BRENT crude futures were up 38 cents, or 0.5%, to $82.43 a barrel.
WTI crude oil futures fell after the International Energy Agency (IEA) issued a forecast that the rise in global oil prices will slow in the future. The rebound in oil prices has led to an increase in global oil production, particularly in the United States.
The IEA reports that U.S. oil production has increased. However, it is not expected to return to normal or pre-Covid-19 levels until the end of 2022.
Rising oil production in the United States was impacted by a hurricane in August. However, U.S. oil production was responsible for half of the global increase in oil production in October and accounts for 60% of the increase in non-OPEC+ oil production in 2022.
Investors are paying attention to the weekly U.S. crude oil inventory report, which is scheduled to be released by the EIA today.
The Spot Market is Open
Wednesday, November 17, 2021