Oil prices rise ahead of OPEC report

Oil prices edged up on Thursday, clawing back from sharp decline in the previous session, as investors awaited OPEC report on October production levels.

The international benchmark Brent crude was trading up 0.2% at $82.83 per barrel, at 9.00 am Makkah time.

WTI crude rose 0.3% to $81.55 per barrel.

Oil prices slumped in yesterday’s session after US Energy Information Administration (EIA) report showed a rise in US crude inventories by 1 million barrels.

Meanwhile, latest data showed US inflation increased at the fastest rate in 30 years in October, driven by a rise in fuel prices, leading to concerns that the government could consider withdrawing from strategic stockpiles to ease fuel prices.

Elsewhere, the OPEC report will come after the group’s latest decision to maintain its supply policy of increasing production by 400,000 barrels per day in December.