US West Texas Intermediate (WTI) crude futures rose 2.1% to $79. The support for prices was a consequence of expectations of a lower oil supply.
US crude stocks fell by 7.9 million barrels in the week ending November 25, according to market sources citing figures from the American Petroleum Institute on Tuesday. Official figures from the US Energy Information Administration will be released later in the day.
For its part, the International Energy Agency expects Russian crude production to fall by about 2 million barrels a day by the end of the first quarter of next year, its chief, Fatih Birol, told Reuters on Tuesday. On the demand side, optimism about the recovery of demand in China, the world’s largest buyer of crude oil, provided additional support.
Source: Ambito
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