OPEC And Fed’s Confidence In Economy Boosts Oil Prices – 13 November, 2019

Just ahead of the weekly U.S. reports on oil stockpiles, prices of the commodity were higher after comments made by Federal Reserve Chair Jerome Powell and OPEC. The Organization for Petroleum Exporting Countries doesn’t seem to be concerned about a global recession saying they saw no signs, while Powell seemed to agree when he said the U.S. economy would see a “sustained expansion”. International Brent futures added 31 cents or 0.5% to $62.37 per barrel. U.S. West Texas Intermediate crude rose 32 cents or 0.6% to $57.12 per barrel. In the week of Nov 8, U.S. crude inventories fell by 541,000 barrels to 440 million, however U.S. projected oil output hit a new record of 13 million barrels per day for November.