U.S. Petrol oil inventories down: API

Houston, Oct. 4, (Xinhua) – The American Petroleum Institute (API) reported on Tuesday a decline by 1.77 million barrels of crude oil stockpiled in U.S. inventories for the week that ended September. 30.

Analysts had predicted a rise by 1.966 million barrels this week.

API reported that the API recorded a growth by 4.15 million barrels over the week prior.

The price of oil continued its uptrend on Tuesday, as traders awaited the crucial gathering of the Organization of the Petroleum Exporting Countries and its companions which is collectively referred to by the acronym OPEC+.

The West Texas Intermediate (WTI) for November delivery climbed 2.89 U.S. dollars, which is nearly 3.5 percent, and settled at 86.52 dollars per barrel at the New York Mercantile Exchange. Brent the December delivery of crude increased by 2.94 dollars (or 3.3 percent, and closed at 91.8 dollars per barrel. The barrel is traded on the London ICE Futures Exchange.

On Monday on Monday, the WTI and Brent rose 5.2 percentage and 4.4 percent, respectively.

The two-day rise came because traders believed the possibility that OPEC+ would consider a significant cut in output in its meeting on Wednesday.

In the beginning of September the oil consortium announced a reduction in production of 100,000 barrels per day in October in order to boost prices.

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