Crude oil stocks in the US decreased by 1.7 million barrels. OPEC will reportedly discuss deeper output cuts in December. Crude oil prices gained traction in the last hour on the back of the weekly United States (US) crude oil stock report published by the Energy Information Administration (EIA). The barrel of West Texas Intermediate (WTI) was last seen trading at $55, adding 1.3% on a daily basis. OPEC is said to discuss deeper production cuts On Tuesday, citing sources with direct knowledge of the matter, Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and its allies were planning to discuss deeper oil output cuts to counter the dismal oil demand growth outlook at their next meeting in December and allowed the WTI to close the day with a gain of more than 1%. Although the WTI struggled to continue to push higher and stayed in a consolidation phase during the first half of the day, the EIA’s crude oil stock report triggered a fresh buying wave. The EIA said commercial crude oil inventories in the US decreased by 1.7 million barrels for the week ending October 18 compared to analysts’ estimate for a build of 2.2 million barrels. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Oil technical analysis: WTI bulls break the 55.00 handle as EIA surprises to the upside FX Street 3 years Crude oil stocks in the US decreased by 1.7 million barrels. OPEC will reportedly discuss deeper output cuts in December. Crude oil prices gained traction in the last hour on the back of the weekly United States (US) crude oil stock report published by the Energy Information Administration (EIA). The barrel of West Texas Intermediate (WTI) was last seen trading at $55, adding 1.3% on a daily basis. OPEC is said to discuss deeper production cuts On Tuesday, citing sources with direct knowledge of the matter, Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and its allies… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
