Oil closes mixed as West Europe's largest fields come online

19/11/2024 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices closed mixed in volatile trading today, Nov. 19, as uncertainty over the conflict between Russia and Ukraine grew, while concerns about supply shortages from Western Europe's largest oil field eased.

 

Brent crude futures for January 2025 delivery settled at $73.31 per barrel, after falling to $72.61.

 

WTI crude futures for December delivery (the contract expires on Nov. 20) rose by 0.35%, or 23 cents, to $69.39 a barrel.

 

Prices came under pressure after Equinor partially resumed production from its Johan Sverdrup field in the North Sea, the largest oil field in Western Europe, a day after a power outage disrupted operations.

 

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on Nov. 20, amid expectations of a 100,000-barrel drop in crude inventories.

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