The West Texas Intermediate for December delivery added 2.22 U.S. dollars, or 2.7 percent, to settle at 84.15 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 1.35 dollars, or 1.6 percent, to close at 84.78 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) is set to release its weekly petroleum status report on Wednesday. Analysts surveyed by S&P Global Platts forecast the EIA publications to show a rise of 1 million barrel for the week ending Nov. 5.
In its monthly report released Tuesday, the EIA said it estimated that "world crude oil consumption has exceeded crude oil production for five consecutive quarters going back to the third quarter of 2020."
"We forecast global crude oil demand will exceed global supply through the end of the year," the EIA said in the report, adding it projected global oil stocks would begin building in 2022, "driven by rising production from OPEC+ and the United States, along with slowing growth in global oil demand."
Latest comments