Oil is growing, waiting for the verdict from the OPEC+ summit

On Wednesday and Thursday, oil shows steady growth in anticipation of the outcome of the OPEC+ summit. Weaker than expected data on China's industrial production could not put pressure on the dynamics of oil, as there are hopes that actions will be taken in favor of price support following the summit.

The current Brent quote is $84.13 per barrel. This indicator became the highest since November 7. North American WTI oil is trading near $79.30 per barrel. 

Quotes began their growth yesterday, after the release of industry statistics on stocks in the United States. According to the EIA report, oil reserves in the country over the past week increased by 1.61 million barrels to 449.664 million. A day earlier, data from the American Petroleum Institute (API) showed a reduction in reserves by 0.82 million barrels. Gasoline reserves increased by 1.76 million barrels, to 218.183 million, distillate reserves – by 5.22 million barrels, to 110.778 million. 

Today, the oil market is supported by expectations of the outcome of the meeting of OPEC+ ministers. The growth of positive prices suggests that key oil producers have settled the contradictions within the alliance.

Although at the beginning of the week there were reports that negotiations on future oil supplies were difficult. Angola and Nigeria are unhappy with their quotas for next year and would like to increase them. At the same time, Saudi Arabia would like to achieve new production cuts.