WTI crude recovers after dipping below $80

Oil drilling rigs

West Texas Intermediate (WTI) crude trimmed losses on Thursday, after it fell below the $80-mark during early session, after latest data showed an increase in US crude stockpiles and ahead of the OPEC+ meeting.

The international benchmark Brent crude was trading down 0.4% at $81.63 per barrel, at 9.00 am Makkah time.

WTI crude fell 0.8% to $80.25 per barrel. The US benchmark slipped to $79.74 a barrel earlier in the session, Bloomberg reported.

US crude inventories rose by 3.3 million barrels in the week to Oct. 29 to 434.1 million barrels, according to the Energy Information Administration (EIA).

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is scheduled to meet later today to review the group’s production policy.