Crude oil futures fell below $80 last night (November 17). The market was also negatively affected by OPEC and the IEA which warned of oversupply.
WTI crude futures were down $2.40, or 3%, at $78.36 a barrel.
BRENT crude futures were down $2.15, or 2.6%, at $80.28 a barrel.
Despite the positive development in the United States, crude oil inventories declined more than expected last week.
The latest weekly data on U.S. oil inventories were released by the EIA: U.S. crude oil inventories fell by 2.1 million barrels last week, gasoline inventories fell by 700,000 barrels, and refined oil inventories, which include heating oil and diesel, fell by 800,000 barrels.
The Organization of Petroleum Exporting Countries (OPEC) has warned that oil markets are likely to face oversupply in December and this situation will continue until 2022.
Meanwhile, the IEA said that the rise in global oil prices will slow down in the future. The rebound in oil prices has led to an increase in global oil production.
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Thursday, November 18, 2021