Oil rises amid weaker global inventories

Tuesday, 18/10/2016 | 08:28 GMT-0

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Oil appreciated today, amid the economists' and the analysts' having stated that the markets were not extremely oversupplied, while the global inventories escalated below estimations.

Oil forces the U.S. dollar lower

The dollar's declination supported the crude oil, as a weaker dollar makes fuel cheaper for the nations that use other currencies domestically.

The futures of Brent crude traded 25 cents higher at $51.77 per barrel, whereas the WTI appreciated 27 cents to $50.21 a barrel.

Global oil inventories, for Q3 2016, reached the 5.618 billion barrels, thus climbing 17 million.

Moreover, the OPEC will be holding a meeting on Nov.30 for discussing on a daily planned output cut of approximately 1 million barrels.

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Source: https://www.argusfx.com/en/research-education/market-analysis/news/oil-rises-amid-weaker-global-inventories

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