Global oil prices rise

Global oil prices rose on November 11 morning amid the strengthening US dollar, Report informs referring to the auction data.

In the morning, January futures for Brent crude oil rose in price by 0.24% to $82.84 per barrel, December futures on WTI rose 0.22% to $81.52 per barrel. On November 10, oil prices dropped 2.5% and 3.3%, respectively.

On November 10, the US dollar rose sharply against world currencies, the dollar index (the dollar’s exchange rate against a basket of currencies of six countries - the main trade partners of the US) rose by almost 1%. The strengthening dollar makes commodities, including oil, less available when bought in other currencies.

The dynamics of the US dollar is connected with important statistics for the US, published on November 10. In October, the annual inflation in the country rose to its highest since 1990 and amounted to 6.2% compared to 5.4% a month earlier, while the forecast assumed that inflation would accelerate only to 5.8%.

Investors also drew attention to the statistics on US inventories. Commercial stocks in the country for the week ending November 5 rose by 1 million barrels, while an increase of 2.1 million barrels was expected. At the same time, the strategic oil reserve in the US fell by 3.1 million barrels. Oil production in the country for the week didn’t change compared to the previous week and amounted to 11.5 million barrels per day.