Oil ends a hair higher ahead of Nov. 4 OPEC+ meet, but posts weekly decline



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Oil ends a hair higher ahead of Nov. 4 OPEC+ meet, but posts weekly decline

On Friday, both US WTI (West Texas Intermediate) alongside Brent crude oil futures’ prices had wrapped up the session slightly higher despite a dismal opening of the day, as market participants remained Panglossian over a November 4 OPEC+ meet what could bring in an additional supply of crude oil amid a steeper-than-anticipated demand-surge.

Nonetheless, despite the day’s gains, both benchmarks had fallen in the week after spiking to their multi-year peak on Monday. Aside from that, in the day’s crude oil market, which remained highly volatile amid mixed expectation on latest OPEC+ policy meet, was almost entirely prompted by a growing anticipation that the 14-member Organization of Petroleum Exporting Countries alongside their Russia-backed allies would highly unlikely to raise output amid a latest outbreak of delta variant in Europe with Eastern Europe bearing the heaviest brunt over the narratives of a sheer lack of empathy towards getting vaccinated.

Crude oil edges higher, but falls in the week

Citing statistics, in the day’s commodity market wind-down, UK crude futures’ prices gained marginally to $84.38 per barrel, while US WTI crude oil futures’ prices jumped 0.9 per cent to settle down at $83.57 a barrel.

Meanwhile, addressing to November 4 OPEC+ policy meet, a partner at Again Capital LLC in New York, John Kilduff said, “While more Iranian supply may come online, it looks like OPEC+ is unlikely to raise production which is giving strength to the market today”.

On the week, Brent shed 1.04 per cent and US WTI crude oil futures’ prices had plunged as much as 1.03 per cent. Oil prices came under heavy fire since Wednesday following reveal of a media headline that US crude stockpiles rose by a whopping 4.3 million barrels last week, while US oil drilling counts rose for a straight fifteen months in September.