According to rahnam news agency, quoted by Reuters, oil prices did not change much in the first trading hours in Asia on Wednesday. The increase in US crude oil reserves has neutralized the effect of the possible reduction in OPEC+ production.
The price of a barrel of Brent North Sea oil today decreased by 14 cents equal to 0.17% to 82 dollars and 31 cents. US West Texas Intermediate crude is trading at 19 cents, equivalent to 0.15% decrease, to 77 dollars and 62 cents.
Both of these oil indices have experienced a price decrease for 4 consecutive weeks. Investors are cautious ahead of the OPEC+ summit on Sunday. It is expected that the producers of this alliance will discuss in this summit about the further reduction of production due to the slowing down of the world economy.
Both Brent and U.S. crude were up about 2 percent on Monday after a report that the OPEC+ alliance was likely to decide to further cut production at its Nov. 26 meeting.
Analysts predict that this coalition will extend its current production cut next year or increase its volume.
The International Energy Agency announced that even if OPEC+ member countries continue to reduce their production next year, the oil market will face an oversupply in 2024.
Statistics from the American Petroleum Institute show that crude oil reserves in the country increased by 9.1 million barrels per day in the week ending November 17.
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