- Crude oil prices face pressure due to a large buildup of US Crude oil stockpiles.
- API Weekly Crude Oil Stock increased by 9.047M barrels from 1.335M barrels prior.
- OPEC+ is expected to increase its oil production restrictions into 2024.
Western Texas Intermediate (WTI) snaps a three-day winning session, trading lower near $77.70 per barrel during the Asian session on Wednesday. Crude oil prices are under moderate downward pressure as a possibly large buildup of US Crude oil stockpiles occurs.
API Weekly Crude Oil Stock rose by 9.047M barrels in the week ended November 17 from the previous figures of 1.335M barrels. Higher US crude oil stocks nullified gains caused by the Organization of the Petroleum Exporting Countries (OPEC) and allied producers' projected supply restrictions.
On Monday, the Crude prices scaled after three OPEC+ sources told Reuters that the producer group intended to discuss further oil supply restrictions when it meets on November 26. Investors remain wary ahead of the OPEC+ meeting on Sunday, when the producer group may propose deepening supply restrictions in response to weakening global economic growth.
Markets anticipate that OPEC+ will continue or possibly increase its oil production restrictions into next year. However, the head of the International Energy Agency's (IEA) oil markets and industry section, Toril Bosoni told Reuters on Tuesday that the global oil market could see a minor supply surplus in 2024.
Traders will most likely pay attention to the EIA Crude Oil Stocks Change report on Wednesday, which will provide a weekly measure of the change in the number of barrels of crude oil and its derivatives in stock.
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