Oil posted slight gains after tumbling on Thursday 16 November, but still hasn’t managed to reverse the path to a fourth week of losses, the longest cycle since May.
West Texas Intermediate – traded in New York – rose 0.22 per cent to 73.06 dollars a barrel, while North Sea Brent – the benchmark for European imports – rose 0.13 per cent to 77.52 dollars a barrel.
This Thursday, both WTI and Brent sank. The US is anticipating an increase in inventories at a time when the market seems to be heading for a surplus in the first quarter of 2024, despite the extension of the supply cut by the members of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+) and the additional reduction by Saudi Arabia and Russia.
