Crude Oil prices advanced on Wednesday, 4-December, ahead of a meeting of OPEC and its counterparts to discuss whether to extend production cut to support the market. Meantime, according to the Industry data, US crude stockpiles declined more than expected, supported to lift prices.
Consequently, Brent crude futures have risen by 0.6% at USD61.17 a barrel. similarly, US WTI crude futures were also up by 0.6% at USD56.41.
The OPEC and allies including Russia, are preparing to approve heavy crude output cuts this week, when they meet in Vienna, according to the Iraq report. Get the best commodity Tips the experts. For the best crude oil tips visit our website.
In effect, stocks in Petrol and distillate companies increased, even so the market will be looking for clarity of the crude draw when official figures come out from the US Dept of Energy’s Energy Information Admn later on Wednesday.