Oil Mixed, Set for First Weekly Loss Since August Over Diminishing Supply Concerns -Breaking
By Gina Lee
Investing.com – Oil was mixed Friday morning in Asia but set for . Oil stocks in the United States rose higher than anticipated, and Iran indicated that it is resuming negotiations with Western powers to end sanctions.
By 10:59 ET (2:59 GMT) the price had risen 0.20%, to $83.83, and then fell 0.07% at $82.75. Brent and WTI futures both fell around 1% per week. It was WTI’s first weekly drop in 10 and Brent’s first since eight weeks.
After a two-month rally, oil is now recovering from a tight supply and rising prices for coal in Europe and China. Wednesday’s showed a 4.267-million-barrel build.
Investors await the November 4th meeting of the Organization of the Petroleum Exporting Countries, and its allies. It is likely that the cartel will keep their plan of adding 400,000 barrels each day to supply every month through April 2022 intact.
However, “Saudi Arabia [an OPEC+ member]JPMorgan (NYSE) analysts stated in a note that they cautioned against a ‘huge increase’ in world oil stocks in 2022 due to an uncertain demand picture.
Erratic fuel demand in some countries remains a concern, with China, the world’s top oil importer, aiming to curb pollution levels ahead of the Beijing Winter Olympics, due to open in February 2022. To curb the COVID-19 epidemic, certain parts of the country have restricted mobility.
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