Crude Oil Edges Up for 2nd Session
Crude oil rose above $87 a barrel on Thursday, extending gains for a second consecutive session as prices attempted to recover from a ten-week low of $86 on November 10. Investors weighed escalating tensions between Washington and Tehran against signs of recovering supply from Saudi Arabia. President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts. Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country. Still, Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record. Adding to supply-side pressure, EIA data showed US crude inventories rose by 4.657 million barrels in the week ended November 6, the largest increase since August and a reversal of five consecutive weekly declines.
Crude oil rose above $87 a barrel on Thursday, extending gains for a second consecutive session as prices attempted to recover from a ten-week low of $86 on November 10. Investors weighed escalating tensions between Washington and Tehran against signs of recovering supply from Saudi Arabia. President Donald Trump said the US no longer needs a deal with Iran, signalling a shift away from recent diplomatic efforts. Tehran also maintained a hardline position, with senior official Mohsen Rezaee ruling out the removal of any enriched nuclear material from the country.
Still, Saudi Arabia reported a 26% increase in oil production in October, bringing output to one of its highest monthly levels in years, while Iraq also raised production to a wartime record. Adding to supply-side pressure, EIA data showed US crude inventories rose by 4.657 million barrels in the week ended November 6, the largest increase since August and a reversal of five consecutive weekly declines.