Oil closes lower after US crude inventories rise

Oil drilling rigs

Oil deepened its losses today, Nov. 15, as US crude inventory data showed a rise to the highest level since mid-August.

Brent crude for January delivery fell 1.55%, or $1.29, to close at $81.18 per barrel, after rising during the session to $83.04.

WTI crude for December delivery decreased by approximately 2%, or $1.60, to record $76.66 per barrel, after touching $78.77 during trading.

Data from the US Energy Information Administration showed that oil inventories in the US rose during the two weeks ended Nov. 3 and 10, by about 17.5 million barrels to 439.4 million barrels –the highest level since the week ended Aug. 11.

Reinforcing fears of a weak demand, euro zone industrial production declined by 6.9% in September on an annual basis – the largest rate of decline since June 2020.