Oil closes higher as global inventories decline, exploration activity slows in US

Oil drilling rigs

Oil closed higher today, Nov. 13, for the third session in a row, supported by positive outlook from OPEC and data showing a decline in global inventories and a slowdown in exploration activity in the United States.

Brent crude for January delivery rose by 1.3%, or $1.09, to settle at $82.52 per barrel. WTI crude for December delivery added 1.4%, or $1.09, to $78.26 per barrel.

In its monthly report issued today, OPEC raised its expectations for growth in global oil demand in the current year to 2.46 million barrels per day, an increase of 20,000 barrels from its previous estimates.

The report also showed a decrease in total oil inventories in OECD countries by 15.6 million barrels during September, on a monthly basis.

Last week, Baker Hughes said that the number of oil drilling rigs in the US decreased by two during the week ended Nov. 10, recording the lowest level since January 2022.