Prices of oil remained quite still today considering that U.S. crude inventories dwindled though output grew, and that OPEC’s initiative to reduce supply with the purpose of market tightening is moving on.
Brent futures, the global reference for prices of oil, got to $60.50 for a barrel this morning, quite near the previous settlement, and around a third more than the June downs.
U.S. WTI futures moved to $54.24 per barrel, which is a little lower than the prior settlement, however, it’s around 30% higher than this June’s downs.
The key role in shoring up confidence played the decision by OPEC member-states and some other countries, including Russia, to cut oil output by some 1.8 mln barrels daily in order to tighten markets.
Energy Minister of Saudi Arabia today spoke of ongoing demand and supply rebalancing and oil inventories around the globe shrinking, he also mentioned that measures of OPEC to limit supplies have been carried out greatly.
Last month oil production of Russia reached 10.93 mln barrels a day, a bit up from September’s 10.91 mln barrels, as official figures demonstrated today, still Russia adheres to the agreement of reducing output.