Possible OPEC Cuts Cause Oil To Rise – 15 November, 2018
OPEC supply cut expectations caused oil prices to rise despite an oversupply from U.S. production. Brent crude futures rose 0.7 percent and 43 cents to $67.10 per barrel. U.S. West Texas Intermediate crude futures rose 0.7 percent and 38 cents to $56.84 per barrel. U.S. output hit a record last week at 11.7 million bpd. Crude inventories reached their highest levels in 11 months at an additional 10.3 million barrels to 442.1 million barrels.