Oil prices rose at the end of Wednesday's trading, following revelations of a decline in inventories in the U.S., and along with reports that OPEC+ may postpone the decision to increase production scheduled for December.
Upon settlement, benchmark Brent crude futures prices for December delivery rose 2%, or $1.43, to $72.55 a barrel, while the most active January contracts were $72.16.
U.S. Nymex crude futures prices for December delivery increased by 2.10%, or $1.4, to $68.11 a barrel.
Latest Oil Prices:
WTI CRUDE $68.61 +2.08%
BRENT CRUDE $72.99 +2.63%
MURBAN CRUDE $72.40 +2.56%
NATURAL GAS $2.845 -0.49%
The dollar index, which measures its value against a basket of major currencies, fell 0.20% to 104.11 points, easing pressure on U.S. currency-denominated commodity prices.
U.S. Energy Information Administration data revealed that crude oil inventories fell by 500,000 barrels over the past week, compared to expectations of a rise of about 800,000 barrels.
Reuters quoted sources familiar with the matter on Wednesday as saying the OPEC+ alliance could postpone an oil production increase, which is set to take effect in December, for a month or more, amid concerns about weak demand and increased supply.
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