Brent crude futures were up 28 cents, or 0.3%, to $ 84.99 a barrel at 1:17 GMT, while US West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.2%, to $ 84.24 a barrel.
“Crude prices still seemed poised to go up, with some traders awaiting confirmation after EIA crude oil inventories show demand for most commodities is heading in the right direction, while US production is on the rise. stable and that OPEC + stick to its gradual increase of 400,000 bpd plan, ”said Edward Moya, senior analyst at OANDA.
Oil hit multi-year highs last week, helped by a rebound in post-pandemic demand and the Organization of the Petroleum Exporting Countries and its Russia-led Allies, or OPEC +, sticking to production increases monthly increments of 400,000 barrels per day (bpd), despite calls for more oil from major consumers.
OPEC’s increase in oil production in October fell short of the expected increase under a deal with allies, a Reuters investigation found on Monday as unintentional blackouts at some small producers offset increased supplies to Saudi Arabia and Iraq.
OPEC pumped 27.50 million barrels per day (bpd) in October, according to the survey, an increase of 190,000 bpd from the previous month but less than the 254,000 increase allowed under the supply agreement.
Meanwhile, national oil companies in China have increased production rates at refineries, increasing their appetite for crude oil, in order to avoid a diesel shortage in the world’s second-largest oil user.
U.S. crude oil inventories are expected to have risen last week, while gasoline and distillate inventories are expected to decline, according to a preliminary Reuters poll on Monday.
The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, due Tuesday, and the EIA, the statistical arm of the US Department of Energy, due Wednesday.