Investing.com – Oil prices rose on Thursday morning in Asia despite a leap in U.S. crude inventories and ahead of an OPEC meeting next week in Vienna.
Crude Oil WTI Futures for January delivery edged up 0.7% to $50.66 a barrel at 12:21PM ET (04:21 GMT) on the New York Mercantile Exchange, while London’s Intercontinental Exchange showed that Brent Oil Futures for February delivery also gained 0.34% to $59.29 per barrel.
U.S. crude inventories rose 3.6 million barrels to 450.5 million barrels as of Nov. 23, according to the Energy Information Administration on Wednesday.
“WTI oil is now trading right around the $50 per barrel level, a price last seen well over a year ago, as the current oversupply situation has now manifested itself in 10 consecutive weekly increases in U.S. oil inventories,” William O’Loughlin, investment analyst at Rivkin Securities, told Reuters.
Nigeria’s Minister of State for Petroleum Resources Ibe Kachikwu and his counterpart in Saudi Arabia, Khalid Al-Falih, said the stability of oil prices is a priority ahead of the scheduled Dec. 6 meeting of the Organization of the Petroleum Exporting Countries (OPEC).