By David Ho

Investing.com – Oil prices were mixed on Thursday morning in Asia as investors to emergency crude releases by major consumer nations to cool the market.

Inched up 0.7% to $82.31 at 11:31 ET (4:31 GMT) and down 0.06% from $78.34.

Fitch analyst Jake Leiby stated that while the coordinated SPR release (Strategic Petroleum Reserve), may be a short-term political victory for all parties, it does not have an expected lasting impact on oil fundamentals.

“But the bigger picture is that product demand remains healthy, adding pressure to a tightening market,” stated Capital Economics economist  Kieran Tompkins in a note.

As the Organization of the Petroleum Exporting Countries (OPEC+) meets next week, all eyes will be on it to determine oil supply and demand.

Louise Dickson from Rystad Energy said that “the bold move by oil importers has open the door wide for OPEC+ adjusting its supply policy downwards during its next meeting, on 2 December 2021”, Reuters.

OPEC+ has increased its monthly supply to 400,000 barrels every day since last year, when COVID-19 caused a slowdown in demand.

Three sources informed Reuters that the cartel does not plan to stop its increase in oil production despite coordination.

Investors will also be watching to see if China releases oil as per its plans.

The week ending November 19 saw a gain of 1.017 millions barrels. Investment.com had made forecasts for a draw in the range of 481,000 barrels. A draw of 2.101 Million barrels was also reported.

The day before, there was a rise of 2.303 million barrels.