Oil prices slip ahead of US stockpiles data

18/11/2020 Argaam

Oil prices slipped on Wednesday after industry report showed an increase in US stockpiles, even as official data on from the US Energy Information Administration (EIA) is awaited.

 

Meanwhile, hopes that the OPEC+ group will further extend the agreement to cut crude production continue to support crude prices.

 

International benchmark Brent crude was trading down 0.2% at $ 43.68 a barrel, at 8.55 am Makkah time.

 

WTI crude for December delivery fell 0.4% to $41.28 a barrel.

 

US crude inventories rose by 4.2 million barrels last week, according to data from the American Petroleum Institute on Tuesday.

 

EIA data on US inventories is scheduled for release later today

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