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.

oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil”

Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook

#FOLLOW US ON INSTAGRAM