West Texas Intermediate futures for March delivery is currently at $32.58 ( 0.93%), while Brent crude is at $35.31 ( 0.77%) amid a weaker dollar and fresh speculation of a meeting between producers.
The Energy Information Administration reported on Wednesday that U.S. crude oil inventories rose by 7.8 million barrels to 502.7 million barrels in the week ending January 29 marking the highest level since 1982 when inventories statistics began. Other sources suggest that crude oil inventories rose beyond 500 million barrels in 1930. This information led to a decline in crude oil prices, however they jumped later amid a weaker dollar.
Ecuador officials said there might be a special OPEC meeting later in January. However experts say that such comments normally come from poor OPEC members and any meeting of that kind is unlikely for as long as powerful members remain silent.