Crude oil inches lower ahead of OPEC+ meeting

November 03, 2021 12:28 PM AEDT | By Arpit Verma

Crude oil inches lower ahead of OPEC+ meeting — Image source: Rising oil prices | Source: © Emeraldgreen | Megapixl.com

Oil’s bullish run

The prices of Brent Crude oil surged more than 60% in 2021 and the prices reached three-year high levels at US$86.70, in the last week on the back of a solid recovery in global demand.

Additionally, lower production from the Organization of the Petroleum Exporting Countries and allies or OPEC+ has also pushed the prices to record high levels.

Oil’s bullish drive

Oil consumers across the globe have pressurized OPEC+ to supply more to cool down the heated oil prices. However, the cartel is expected to stick to its original plan of increasing the output gradually to phase out the existing production cuts.

Bottom Line

Crude oil prices surged nearly 60% in 2021 on the back of a robust recovery in crude oil demand. However, the prices inched a little lower on expectations that weekly reports will show a rise in inventories.

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