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Crude Recoups Some Losses Post OPEC Delay

OIL

Brent front month has recouped some losses after the announcement of the delay of the OPEC+ meeting from 26 to 30 November, but above average US crude inventory builds and another stock build at Cushing weighed on spreads.

    • Brent JAN 24 down -1.6% at 81.1$/bbl
    • WTI JAN 24 down -1.9% at 76.3$/bbl
    • WTI-Brent down -0.1$/bbl at -4.78$/bbl
  • The WTI-Brent spread widened to -4.80$/bbl, up from a session high of -4.49$/bbl.
  • US DOE Cushing Crude Oil Total Stocks rose 3.4% from last week, at 25,868 Thousands Barrels. Builds in the past five consecutive have taken stockpiles back to the highest since early September.
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