Crude Oil Falls After U.S. Crude Oil Inventories Rise

Crude oil futures fell last night (Nov. 24) following reports that U.S. crude inventories rose, contrary to analysts’ expectations. Whilst investors look at the attitude of OPEC+.

WTI crude futures were down 11 cents, or 0.1%, at $78.39 a barrel.

BRENT crude futures fell 6 cents, or 0.1%, at $82.25 a barrel.

According to the EIA, U.S. crude oil inventories rose by 1 million barrels last week. In contrast to analysts’ expectations, who had expected a decline of 481,000 barrels.

Crude oil inventories at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, rose by 787,000 barrels.

Investors are paying attention to OPEC+’s stance on whether there will be retaliation for the actions taken by the United States and its allies to draw crude oil from their stockpiles. The United States has announced that it will withdraw 50 million barrels of crude oil from its Strategic Reserves (SPR).

The United States will work with China, India, South Korea, Japan and the United Kingdom to absorb the rise in crude oil prices after OPEC+ rejected U.S. demands to increase oil production.

The Spot Market is Open

Thursday, November 25, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
12.00

78.31

-0.08

-0.10%

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