U.S. Crude Stockpile Rises, Prices Dip – 26 November, 2019

An unexpected growth in U. S. crude stockpiles eased prices for the moment, while phase one of U.S. and China trade negotiations have yet to show their effect on the market. International Brent crude futures shed 15 cents to $64.12 per barrel, down 0.23%. U.S. West Texas Intermediate crude futures dropped 16 cents to $58.25 per barrel, down 0.27%. Data showed U.S. stockpiles grew 3.6 million barrels when analysts had initially predicted a 418,000 decrease. This year, optimism over OPEC’s efforts to reduce supply supported oil prices. The group is expected to reconvene on Dec 4 to discuss the future of the policy.