WASHINGTON (dpa-AFX) - Oil prices moved higher on Wednesday after data showed an unexpected drop in U.S. crude inventories in the week ended October 26th, and on reports there could be a delay in OPEC+'s planned output increase.
West Texas Intermediate Crude oil futures for December closed up $1.40 or about 2.1% at $68.61 a barrel.
Brent crude futures settled at $72.55 a barrel, gaining $1.43 or about 2.01%.
Data released by the Energy Information Administration (EIA) showed crude oil inventories in the U.S. edged down by 0.5 million barrels last week after surging by 5.5 million barrels in the previous week. Economists had expected crude oil inventories to jump by 2.3 million barrels.
At 425.5 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year, the EIA said.
The report said gasoline inventories also fell by 2.7 million barrels last week and are about 3% below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, dipped by 1.0 million barrels last week and are about 9% below the five-year average for this time of year.
According to a Reuters report, the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, could delay a planned oil production increase in December by a month or more because of concerns over soft oil demand and rising supply.
Reuters said, citing some sources, that a decision to postpone the increase could come as early as next week.
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