Brent crude ends 3-session winning streak, closes lower

22/11/2023 Argaam

Brent crude ends 3-session winning streak, closes lower

Oil drilling rigs

Oil cut loses but closed lower today, Nov. 22, as OPEC+ postponed its oil policy meeting to Nov. 30 without giving a clear reason.

 

International benchmark Brent crude snapped its three-session positive streak and fell 0.6% to settle at $81.96 a barrel, after touching $82.65 during the session.

 

West Texas Intermediate (WTI) crude lost 0.85% record $77.10 per barrel, after touching $73.79 during trading.

 

The Energy Information Administration said that US crude oil inventories rose by 8.7 million barrels last week thanks to higher imports.

 

Meanwhile, Baker Hughes reported that the number of oil exploration rigs in the US was unchanged at 500.

 

The US Oil Exchange Traded Fund (USO) recorded outflows of about $225 million, the largest daily decline since December 2016, Bloomberg reported.

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