Baghdad Oil prices rebounded today, Wednesday, after an American industrial report showed that crude oil inventories fell more than expected last week, stable after overnight losses from the impact of Hurricane Ida on American refineries.
Prices rose ahead of the OPEC + meeting, as the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies are expected to stick to a plan to add 400,000 barrels per day each month until December.
Brent crude futures for November rose 44 cents, or 0.44%, to $72.12 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for October were up $68.97 a barrel, up 47 cents, or 0.47%.
Tuesday’s report from the American Petroleum Institute (API) showed a larger-than-expected drop in US crude inventories, supporting prices as US crude inventories fell by 4 million barrels for the week ending.
However, US crude prices are expected to remain under pressure as offshore oil and gas production in the Gulf of Mexico gradually recovers, but refinery operations are likely to take longer to return to normal.
OPEC + sources said that despite the expected rapid return to US crude production, OPEC + expects the market to suffer from a deficit at least until the end of 2021.
Source: National Iraqi News Agency