Economy

Oil prices increase with tight inventories

Sector is awaiting International Energy Agency's (IEA) monthly oil market report due later in the day

Zeynep Beyza Kılıç   | 16.11.2021
Oil prices increase with tight inventories

ANKARA

Low oil inventory levels, supported by expectations that OPEC will shy away from increasing supplies, pushed oil prices higher on Tuesday.

International benchmark Brent crude was trading at $82.89 per barrel at 0615 GMT for a 1.02% rise after closing the previous session at $82.05 a barrel.

American benchmark West Texas Intermediate (WTI) was at $80.36 per barrel at the same time for a 0.79% increase from the previous session.

Despite a rise in oil prices in a tight market, experts believe that the market is focused on the possibility of a rise in oil supply from various sources at a time when COVID-19 cases globally are rising.

The Organization of the Petroleum Exporting Countries cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day last week, compared to its October forecast.

The sector is awaiting the International Energy Agency's (IEA) monthly oil market report. In its previous report, the IEA estimated that global oil demand would increase by 5.5 million barrels per day (bpd) this year and 3.3 million bpd next year.

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