Oil prices settle mixed ahead of U.S. inventories, OPEC+ meeting

2021-11-03 04:14

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NEW YORK, Nov. 2 (Xinhua) -- Oil prices ended mixed on Tuesday as traders are awaiting U.S. fuel stocks data and a key meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.

The West Texas Intermediate for December delivery lost 14 cents to settle at 83.91 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 1 cent to close at 84.72 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Platts forecast the U.S. crude inventories to show a climb of 300,000 barrels for the week ending Oct. 29.

OPEC+ is expected to meet on Thursday, discussing its plan on crude production. The group is gradually easing record output cuts made last year.

Despite growing pressure from the major oil consuming countries, the alliance is expected to stick to its plan for gradual, monthly production increases of 400,000 barrels per day, according to analysts.
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