Oil prices decline ahead of US inventory data

2023-11-21 14:03PM UTC

Oil prices fell in European trade for the first time in three days ahead of initial data on US crude stocks from the American Petroleum Institute.


Traders also await the release of the Federal Reserve's last meeting minutes, expected to shed light on the likely path ahead for US monetary policies.


Global Oil Prices


US crude fell 0.7% to $77.00 a barrel, with a session-high at $77.76, while Brent shed 0.6% to $81.50 a barrel. 


US crude rose 2% on Monday, while Brent rose 1.75%, the second profit in a row away from a four-month trough. 


Oil prices rebounded amid expectations of lower supplies from the OPEC+ cartel in the months to come.



Three sources told Reuters that OPEC+, which includes Russia, is discussing additional supplies cuts at the November 26 meeting.


US Stocks 


The American Petroleum Institute will release initial data on US crude stocks later today, expected to show an inventory buildup for the fourth week in a row.


Fed Minutes


Investors now await the Federal Reserve's minutes for its last policy meeting, at which the Fed held interest rates flat at 5.5%, already the highest since 2001.


Such a decision was the third of its kind in the last four meetings, and a strong sign that the US policy tightening cycle has ended.

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