Oil jumps over 2% after EIA data

Wednesday, 20. November 2019 17:19

Crude oil futures surged over 2% on Wednesday after the United States Energy Information Agency (EIA) revealed that crude inventories in the US rose by 1.4 million barrels in the week ending November 15. A day earlier, private data also showed a build up in crude inventories in America.

Investors also prepared for the Organization of the Petroleum Exporting Countries (OPEC) meeting with other major oil producers which is scheduled for early December as Russian President Vladimir Putin said his country remains committed to the OPEC+ format.

January WTI was going for $56.68 per barrel as it jumped 2.31% at 1:05 pm ET. At the same time, international benchmark Brent rose 2.22% to $62.32 per barrel.

Related Links: 
Author:
Breaking the News / VP