crude oil in storage, along with a rise in gasoline stocks. This comes amid a larger-than-expected surge in U.S. Energy Information Administration on Thursday. Oil prices were also supported by a steep drawdown in distillate stocks that came as heating oil demand is expected to rise as winter approaches.ĭistillate stockpiles, which include diesel and heating oil, fell by 4.9 million barrels to 106.1 million barrels, their lowest since May, versus expectations for a 2 million-barrel drop, according to the U.S. Officials with both countries are expected to continue discussions soon. The White House said it presented the Saudis with an analysis that showed the reductions could hurt the global economy and alleged the Saudis pressured other OPEC members on a vote.
request to delay the cut by a month would have had negative economic consequences. Saudi Arabia, OPEC's de facto leader, rejected criticisms by Washington as "not based on facts" and that the U.S. Meanwhile, Saudi Arabia and the United States continued to clash over a decision by the Organization of Petroleum Exporting Countries and allies, known as OPEC+, last week to cut its oil production target. The country's infection tally is small by global standards, but it adheres to a zero-COVID policy. Gold edges higher ahead of key Fed rate verdictĬhina, the world's largest crude oil importer, has been fighting a COVID rebound after its week-long National Day holiday earlier this month and just ahead of a key Communist Party Congress where President Xi Jinping is expected to extend his leadership.
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