West Texas Intermediate futures for January delivery rebounded to $40.61 ( 1.68%), while Brent crude rose to $43.29 ( 1.88%) after sharp declines yesterday, which were driven by U.S. crude stockpiles data and expectations of a pessimistic result of the OPEC meeting scheduled for Friday.
The U.S. Energy Information Administration reported an unexpected 1.2 million barrels rise in U.S. crude inventories marking the tenth weekly increase in a row. Analysts had expected stockpiles to fall by about 1.2 million barrels.
Most analysts don't expect any positive changes from tomorrow's meeting in Vienna. Saudi Arabia is likely to hold on to its strategy and maintain output ignoring non-Gulf OPEC members' calls to reduce production in order to support prices.