Oil prices rise marginally amid demand developments

02/11/2021 Argaam

Oil drilling rigs

Oil prices were slightly higher on Tuesday, amid latest developments related to global demand levels and ahead of the OPEC+ meeting later this week.

 

The international benchmark Brent crude was trading up 0.3% at $84.97 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.2% to $84.18 per barrel.

 

The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.50 million barrels per day (bpd) in October, a rise of 190,000 bpd from the previous month but below the 254,000 increase permitted under the supply deal, according to a Reuters survey.

 

Meanwhile, China released reserves of gasoline and diesel to boost supply.

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