Oil price, having been falling since Monday, has started to go up on Thursday amid OPEC meeting, where it the oil cut extension until the end of 2018 will be decided.
January Brent futures were 36 cents or 0.57 % up, at 63.47 on Thursday morning. At the end of ICE Futures trading session on Wednesday evening, the contracts price went down by 0,5 cents or 0,79 %, to $63.11 a barrel.
January WTI futures were 17 cents or 0.3% up, at 57.47 on Thursday morning. The contract price went down by 69 cents or 1.19%, to $58.30 a barrel at the end of NYMEX trading session on Tuesday evening.
On Wednesday, U.S. Energy Information Administration reported a decline of 3.63 million barrels in crude oil inventories, petrol stock, on the contrary, went by 3.63million barrels up, distillate inventories climbed up by 2.75 million barrel. U.S. oil production increased by 24,000 barrels per day, up to 9.682 million barrels a day for the sixth week in a row.
The day’s highlight is OPEC meeting. Investors and analysts are waiting for the decision on oil cut extension.