Futures for the West Texas Intermediate (WTI) held gains near $83 per barrel while Brent crude remained steady.
The North American West Texas Intermediate spot prices went down 0.11% to trade at $82.97 a barrel at the time of writing, while futures for November delivery gained 0.46% to trade at $83.08 a barrel on the New York Mercantile Exchange.
European benchmark Brent crude spot prices dropped $85 per barrel to $84.55, while futures for December delivery rose 0.85% to $86.55 on the London-based ICE Futures Europe exchange. The European benchmark trade traded at a premium of $3.85 to WTI for December delivery.
US Crude Stockpiles
Crude inventories in the US, the world’s biggest oil consumer, rose 8.92 million barrels to 370.6 million in the week ended October 10, compared to analysts’ projected 2.5 million, according to a report from the Energy Information Administration.
The report also showed that production rose for a second week to 8.95 million barrels a day, the highest since June 1985.
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On Tuesday, the International Energy Agency lowered its global demand forecast for this year and next year. The Paris-based International Energy Agency forecasted the global oil demand will expand by 650,000 barrels a day this year, 200,000 barrels a day less than the previous projection.
Last week, the Organization of the Petroleum Exporting countries (OPEC), which supplies approximately 40% of the world’s crude, is boosting production despite the falling-trend. The group supplied 30.47 million barrels a day in September, the highest since august 2013, according to its report. The OPEC group is scheduled to meet in Vienna on November 27.
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