PRICES:
West Texas Intermediate crude for December delivery rose 15 cents to settle at $82.81 a barrel in New York
Brent for December settlement fell 26 cents to settle at $84.32 a barrel
West Texas Intermediate crude for December delivery rose 15 cents to settle at $82.81 a barrel in New York
Brent for December settlement fell 26 cents to settle at $84.32 a barrel
Oil eked out a gain with OPEC and its allies expecting a tighter global oil market in the fourth quarter.
Futures in New York closed higher by 0.2% on Thursday, erasing earlier losses. World oil inventories will decline by an average of 1.1 million barrels a day in the fourth quarter, according to a person familiar with preliminary figures evaluated by the OPEC+ Joint Technical Committee. That compares with a forecast reduction of 670,000 barrels a day. Fuel demand will be slightly higher and supply from outside OPEC+ a little lower than previously anticipated, the data show.
Meanwhile, stockpiles at the biggest U.S. storage hub at Cushing, Oklahoma, continue to rapidly shrink. Supplies fell another 1.81 million barrels last week, according to traders citing Wood Mackenzie data.
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