oil

Oil prices have increased due to news that US inventory levels rose for a sixth week.

Brent crude futures rose 24 cents to $48.82 a barrel, while the US crude futures increased 18 cents to $46.50 a barrel, Reuters reported.

Data released by the Energy Information Administration on Wednesday revealed that crude inventories in the US added 2.85 million barrels last week, which led to a fall of nearly 4% in oil prices.

"OPEC ministers are set to meet on 4 December to decide whether to extend their strategy of allowing prices to fall."

An internal Organization of the Petroleum Exporting Countries (OPEC) document published by the news agency highlighted low demand in the next few years for oil from the group.

Oil ministers of the group are set to meet on 4 December to decide whether to extend their strategy of allowing prices to fall.

BMI Research views that OPEC and Russia will squeeze out higher-cost producers by proceeding with their strategy of producing more oil.


Image: US crude futures increased 18 cents to $46.50 a barrel. Photo: courtesy of Feelart/ FreeDigitalPhotos.net.