The price of West Texas Intermediate crude rose $2.35 after US stocks fell more than expected.

contractwest texas crude oil Delivered in Jan. which traded at Nymex plus $2.35 to settle at $80.55/barrel.Brent crude oilnorth sea London Delivered in Jan. It rose $2.40 to close at $85.43/barrel.

The US Energy Information Administration (EIA) announced that US crude stocksThere was a drop of 12.6 million barrels last week. Although analysts were expecting a drop of just 4.4 million barrels.

in addition oil priceIt was also driven by tight market conditions. including the devaluation of the dollar and hopes that China will ease its measures to contain COVID-19 and will return to opening up the country which will increase demandoil

Investors are keeping an eye on the Petroleum Exporting Countries production policy meeting. (OPEC) and partners (OPEC Plus) On December 4, while five sources said that OPEC Plus would not change its production policy at this meeting. Two other sources expect OPEC Plus to cut more output.

Earlier, OPEC+ held a meeting on October 5 where the meeting agreed to cut output by 2 million bpd for November.


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