Investors become more positive about oil prices, due to American Petroleum Institute data on the U.S. crude stock and China's purchasing managers' index. Manufacturing purchasing managers' index in China remained unchanged for October, 51.1. For September, the index came in 51.6, having missed the market’s expectations. In the meanwhile, in Australia the same index was 51.1 against 54.2 a month before, in Japan it was 52.8 against 52.5
Before U.S. Energy Information Administration releases its weekly report on oil crude inventories and oil production, American Petroleum Institute published its survey data. According to the source, U.S. crude oil inventories dropped by 5.087 million barrels for the week ended Oct. 27, gasoline stockpile dropped by 7.697 million barrels while, inventories of distillates lost 3.106 million barrels. Cushing stocks of crude oil fell by 263.000 barrels.
Now oil prices are growing due to OPEC CEO, Mohammed Barkindo’s announcements, supporting the market. Last weekend he expressed positive towards Saudi Arabia’s willingness to extend the production cutting deal beyond March 2018.