Oil Prices Are Up on A Drop In U.S. Crude Inventories – 14 July, 2020

A sharp drop in U.S. crude stockpiles caused oil prices to rise ahead of an OPEC meeting to discuss the future of output cuts. Brent crude futures rose 0.4% or 19 cents to $43.09 per barrel. U.S. West Texas Intermediate crude futures were up 0.4% or 17 cents to $40.46 per barrel. Despite analysts prediction of a 2.1 million barrel decline, U.S. crude inventories fell by 8.3 million barrels in the week of July 10. OPEC and allies including Russia will decide on extending July output cuts of 9.7 million barrels per day or ease them to 7.7 million barrels per day. OPEC monthly reports allegedly show 2021 demand growing to 7 million barrels per day on economic recover.