On Thursday, crude futures sank after official inventory reports showed a larger-than-expected build in American crude stocks.
In the United States crude inventories added by 5.3 million barrels by November 11, compared with expectations for a leapt of 1.5 million barrels.
The climb in crude inventories was mostly due to higher imports, which averaged 910,000 barrels per day, according to data issued by the U.S. Energy Information Administration on Wednesday.
American benchmark WTI crude dived 0.22%, being worth $45.47 a barrel. Meanwhile, European ICE Brent crude futures slumped 0.24%, trading at $46.52 per barrel.
OPEC countries are ready to reach a so-called forceful agreement on cutting oil production. That’s what we learnt from Venezuelan President Nicolas Maduro on Wednesday. Additionally, OPEC members are expected to meet on November 30.
Notwithstanding renewed optimism that an OPEC production freeze is on track, ascending oil production data as well as changing fundamentals makes a credible OPEC cut all the more difficult to come true.
