Oil falls on surprise U.S. stock build, delayed OPEC+ meeting

02.12.2020 - Evdokimov Roman
Oil falls on surprise U.S. stock build, delayed OPEC+ meeting

Oil prices fell on Wednesday after a sudden rise in U.S. oil inventories and as OPEC+ delayed a meeting on output policy.

Brent crude futures fell 0.9%, or 41 cents, at $47.01 per barrel. U.S. West Texas Intermediate crude dropped 1%, or 46 cents, at $44.09 per barrel.

U.S. crude stockpile climbed by 4.1 million barrels last week, contrary to analysts’ expectations for a 2.4-million barrel drawdown.

OPEC and its allies moved Tuesday’s talks on the output policy for 2021 to Thursday. The group has implemented a 7.7 million bpd cut to support oil prices amid the coronavirus pandemic. 

Meanwhile, non-OPEC+ member Norway is set to end its output cuts by Dec. 31, potentially affecting oil prices. 

Still, gains in oil prices were capped by hopes for a COVID-19 vaccine, which could boost fuel demand.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?