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Oil Prices Settle About 3% Higher as U.S. Crude Supplies Rise Less Than Expected


Thursday, 21 November 2019 03:42 WIB

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Oil futures finished higher on Wednesday, following a U.S. government report that showed domestic crude supplies up a fourth straight week, but by less than the six million-barrel jump reported by a trade group the day before.

The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 1.4 million barrels for the week ended Nov. 15. That followed increases in each of the past three weeks.

The latest climb, however, was a bit smaller than the 1.6 million-barrel rise expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a climb of roughly 6 million barrels.

West Texas Intermediate crude for December delivery added $1.90, or 3.4%, to settle at $57.11 a barrel on the New York Mercantile Exchange, after settling below its 50-day moving average of $55.59 on Tuesday, according to FactSet data. The day’s dollar and percentage rise was the biggest since Nov. 1, according to Dow Jones Market Data.

The December contract expired at Wednesday’s settlement. WTI oil for January delivery, the new front-month contract, tacked on $1.66, or 3%, to $57.01 a barrel.

January Brent crude gained 1.49, or 2.5%, to settle at $62.40 a barrel on ICE Futures Europe, following its 2.5% decline on Tuesday.

Source : Market Watch


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