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Oil prices rise amid anticipation for US oil stocks

Oil prices rise amid anticipation for US oil stocks
Nymex futures went up by 0.7% to $56.83 per barrel

Mubasher: Oil prices increased on Tuesday, with a growing anticipation for the next OPEC summit, and the initial weekly data on the US oil inventories.

Nymex futures for January delivery increased by around 0.7%, settling at the level of $56.83 per barrel.

Meanwhile, Brent crude registered a 0.6% increase during today’s trade, as it reached $62.58 per barrel.

Investors are anticipating

The Organization of the Petroleum Exporting Countries (OPEC) will hold a summit in Vienna on 30 November to decide on the output policy for the upcoming period, with many experts and officials expecting the production cut agreement which expires in March 2018 to be extended, to help the market rebalance.

On the other hand, the American Petroleum Institute (API) is set to reveal the estimations of the American oil stockpiles later today, while the official data will be announced by the Energy Information Administration (EIA) on Wednesday.