Oil prices recorded sharp declines today, Wednesday, with increasing pressure from the United States on the “OPEC Plus” alliance to increase production, as well as data showing a significant increase in crude oil inventories and distillates in the United States.
Brent crude futures for January delivery fell 1.4% to $83.55 a barrel, while West Texas Intermediate crude futures for December settlement fell 1.7% to $82.5.
Late yesterday, the American Petroleum Institute announced an increase of 3.6 million barrels of crude oil in US inventories for the week ending October 29, versus expectations of a 1.6 million barrel increase.
The Energy Information Administration is preparing to announce the official data on stocks later today, while the “OPEC Plus” alliance is expected to meet tomorrow to review production policy.
The alliance is expected to stick to its plan for a gradual monthly increase in production by 400,000 barrels per day.
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