The price of Brent oil increased towards $71 a barrel today following weeks of continuous decline in increasingly unstable oil markets.
In recent months, the oil market has endured significant fluctuations with prices declining as low as 40% since June.
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Reuters reported that Brent for delivery in January increased 21 cents to $70.75 a barrel, while US crude for January delivery rose to $67.33 a barrel.
Recently, OPEC announced that it would not cut oil production in an attempt to support unstable and declining prices.
Saudi Arabia strongly opposed proposals by several other OPEC members calling for a reduction in oil output.
A survey by the news agency has found that OPEC’s oil supply dropped by 340,000 barrels per day (bpd) in November due to difficulties with Libya’s recovery.
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By GlobalDataFormer Saudi Arabia intelligence chief Prince Turki bin Faisal was quoted by Reuters as saying the Kingdom will only consider cutting production if other countries, including non-OPEC producer Russia, also limit their production outputs.
Data released by the American Petroleum Institute (API) revealed that crude inventories declined by 6.5 million barrels to 373 million in the week up to 28 November.
Stock levels at the US crude contract’s delivery hub of Cushing, Oklahoma, fell 610,000 barrels.
Data from the US Energy Information Administration is scheduled to be revealed later today.
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