Oil prices rise ahead of OPEC report, Brent crosses $44

11/11/2020 Argaam

Oil prices rose on Wednesday ahead of monthly oil update from the Organization of Petroleum Exporting Countries (OPEC), and amid hopes of successful trials of a vaccine for coronavirus.

 

Brent crude was trading up 0.9% at $44.01 a barrel, at 9 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures rose 1% to $41.78 a barrel.

 

Meanwhile, crude stockpiles fell by 5.1 million barrels last week to about 482 million barrels, according to American Petroleum Institute.

 

OPEC monthly report on production levels for October is due to be released later today.

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