Oil prices rose today as expectations that the OPEC would start cutting supply overshadowed a big crude stock build last week.
WTI Futures for December delivery traded 0.6% higher to $56.77 per barrel at 1:08 AM ET (05:08 GMT) on the New York Mercantile Exchange, while Brent oil futures for January 2019 delivery gained 0.6% to $67.04 a barrel on London’s Intercontinental Exchange, Investing.com reported.
OPEC, which meets on December 6 in Vienna for its policy-setting meeting, is widely expected to agree on cuts of around 1 million bpd or more from its current production of above 33 million bpd.
Meanwhile, the Energy Information Administration (EIA) reported yesterday the biggest weekly crude stock build in 21 months.
U.S. crude stockpiles jumped by nearly 10.3 million barrels last week, compared to the expectation of a build of just 3.2 million barrels.
