Oil prices little changed ahead of US stocks data, potential OPEC+ cuts
Brent crude oil price news: Brent crude futures rose 11 cents, or 0.1 per cent, to $82.56 a barrel by 0004 GMT. US West Texas Intermediate crude futures rose 14 cents, or 0.2 per cent, to $77.91.
Brent crude oil price news: Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of US crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1 per cent, to $82.56 a barrel by 0004 GMT. US West Texas Intermediate crude futures rose 14 cents, or 0.2 per cent, to $77.91.
Both benchmarks have fallen for four straight weeks, and investors remained cautious ahead of Sunday's scheduled OPEC+ meeting, when the producer group may discuss deepening supply cuts due to slowing global economic growth.
On Monday, both contracts climbed about 2 per cent after three OPEC+ sources told Reuters the group, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider additional oil supply cuts when it meets on Nov. 26. OPEC+ is likely to extend or even deepen oil supply cuts into next year, analysts have predicted.
Even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024, the head of the International Energy Agency's (IEA) oil markets and industry division said on Tuesday. US crude stocks rose by nearly 9.1 million barrels in the week ended Nov. 17, according to market sources citing American Petroleum Institute figures on Tuesday.
Gasoline inventories dropped by about 1.79 million barrels, while distillate inventories fell by about 3.5 million barrels. US government data on stockpiles is due on Wednesday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
07:42 AM IST