StockMarketNews.Today – The EIA data showed that crude oil inventories rose by 6.35 million barrels in the week to October 19. That was compared to forecasts for a stockpile build of just 3.69 million barrels, after a build of 6.5 million barrels in the previous week.
Crude oil news
U.S. oil inventories climbed 6.5 million barrels last week, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.
StockMarketNews.Today – Oil prices ended slightly higher on Friday, but remained at an inflection point after a rough week. December West Texas Intermediate crude, the U.S. benchmark, rose 57 cents, or roughly 0.8%, on Friday to settle at $69.28 a barrel by close of trade on the New York Mercantile Exchange.
U.S. oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year peak reached the previous day.
StockMarketNews.Today – U.S. West Texas Intermediate (WTI) crude futures (CLc1) marked $75.90 a barrel around 0630 GMT on Tuesday, their strongest since November 2014. WTI has risen around 18 percent since mid-August.
The International Energy Agency warned on Thursday that spare oil production capacity risks being “stretched to the limit” as supply disruptions and US sanctions against Iran tighten the market.
IEA warns spare oil capacity to be ‘stretched to limit’.
Crude prices rally after steepest one-day fall in two years
President Donald Trump early Saturday said that Saudi Arabia has agreed to raise output by as much as 2 million barrels a day.