Oil higher as API reports 3.9 mln stocks decrease

10/18, 10:56 PM (Source: TeleTrader.com)

Energy prices extended gains after the American Petroleum Institute (API) reported the weekly crude oil stock in the past week has decreased by 3.9 million barrels. Crude was stable before the markets closed in the United States as investors became more optimistic on the new Organization of the Petroleum Exporting Countries (OPEC) deal to freeze crude output in November.

West Texas Intermediate for November delivery rose 1.26% to trade for $50.72 per barrel at 10:39 p.m. CET. International benchmark Brent for settlements in December added 0.75%, changing hands for $52.07 per barrel at 10:43 p.m. CET.

Teletrader Newsroom / VK