Oil rises on falling US crude inventories and OPEC statements
Economy News _ Baghdad
Oil rose after data in the sector showed a sudden decline in US crude inventories, while additional support came from an OPEC official's comments on the below-expected growth in US shale oil production in 2020.
But gains were capped by mixed signals on oil demand in China, the world's biggest crude importer, as industrial output grew slower than expected in October, but refinery consumption was the second highest on record.
Brent crude futures were up 39 cents, or 0.6 percent, at $ 62.76 a barrel, while US West Texas Intermediate crude rose 39 cents, or 0.7 percent, to $ 57.51 a barrel.
OPEC Secretary-General Mohamed Barkindo said on Wednesday that supply forecasts for 2020, particularly from US shale oil, are likely to be cut, adding that some shale oil companies in the United States do not expect production growth of more than 300,000 to 400,000. Bpd.
Barkindo's comments also contradict the US Energy Information Administration's forecast on Wednesday that US oil production is set to set new highs this year and next.
Crude inventories unexpectedly fell to 541,000 barrels in the week ending Nov. 8, while analysts expected them to increase by 1.6 million barrels per day, the American Petroleum Institute said on Wednesday. Gasoline and distillate stocks rose, data from the institute showed.