Oil Prices Higher

The price of OPEC basket of fourteen crudes stood at $59.23 a barrel on Wednesday, 1 November 2017, compared with $58.53 the previous day, according to OPEC Secretariat calculations.

The Energy Information Administration (EIA) confirmed a draw in crude oil inventories, boosting the rally of WTI that almost brought the U.S. benchmark to US$55 a barrel. According to the authority, inventories fell by 2.4 million barrels in the week to October 27, to 454.9 million barrels.

EIA said gasoline stockpiles were down, by 4 million barrels.

American Petroleum Institute (API) had estimated crude oil inventories had fallen by more than 5 million barrels.

Refineries reportedly processed 16 million bpd daily last week, down 10,000 bpd on the previous week, producing 10.2 million bpd of gasoline.

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