Brent oil prices near $83 per barrel

12:30 | 30.11.2023
Brent oil prices near $83 per barrel

Brent oil prices near $83 per barrel

Benchmark oil prices show no consistent dynamics on November 30 morning, as traders assess US inventory data and await the OPEC+ ministerial meeting, reported from Interfax.

The price of January futures for Brent on the London ICE Futures exchange amounted to $82.95 per barrel. This is $0.15 (0.18%) lower than the previous session’s close.

The day before, these contracts increased in price by $1.42 (1.7%) to the maximum since November 6, $83.1 per barrel. They expire when the market closes on November 30.

More actively traded February futures rose $0.16 (0.19%) to $83.04 a barrel.

Quotes of WTI oil futures for January in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $0.18 (0.23%) and amounted to $78.04 per barrel. At the end of the last session, they rose in price by $1.45 (1.9%) to $77.68 per barrel, the maximum since November 14,

The day before, prices were supported by news about a strong storm in the Black Sea, which impedes supplies.

Meanwhile, commercial oil reserves in the US increased by 1.609 million barrels last week, the country’s Department of Energy said in a weekly report.

This came as a surprise to analysts, who had on average forecast a contraction of 933,000 barrels, according to Trading Economics.

Gasoline reserves increased by 1.764 million barrels, distillates by 5.217 million barrels. Experts on average expected an increase in gasoline reserves by 229,000 barrels and a decrease in distillate reserves by 394,000 barrels.

In turn, OPEC+ ministers will meet online on November 30 to review their strategy in the oil market.
Follow us !