Oil Prices were seen advancing on Wednesday, as the West Texas Intermediate ended its four-day losing streak after dropping to a seven week low of $102.30 per barrel in the previous session on Tuesday.
Investors continue to worry about the possibility that the US Federal Reserve’s (Fed) could begin to scale-back its stimulus program as soon as October. The next Federal Reserve (Fed) meeting is scheduled for October 29-30.
The European benchmark crude Brent rose $109 per barrel. Meanwhile, Iran has agreed to meet with representatives from the US, Russia, China, France, Germany and the UK; however Iran still refuses to discuss about its disputed nuclear program.
North American West Texas Intermediate deliveries for November were seen advancing 0.32% at $103.47 per barrel on New York Nymex at the time of writing. While European benchmark Brent crude was seen rising 0.24% to $108.91 a barrel on the ICE Futures Exchange.
Oil Prices – Middle East Supplies
Oil production from Libya increased by more than 600,000 barrels a day and fields in the western side of the country are producing, Sliman Qajam, deputy head of the parliament’s energy committee announced on September 22.
While Iraq’s Majnoon oil field resumed producing oil, according to the country’s Deputy Prime Minister for energy affairs Hussain al Shahristani. He confirmed that MAjnoon field will produce almost 190,000 barrels per day every month.
Output from the Gharraf field is expected to reach 100,000 barrels per day. Hussain al Shahristani said that production from Iraq will add about 400,000 bpd by the end of the year.
Oil Prices -US Inventories
Weekly reports from Energy Information Administration (EIA) on the US crude oil inventories is expected to be released later in the day, which is expected to show a drop by 800,000 barrels for the last week, after dropping a week before by 4,368,000 barrels.
A separate report was released on Tuesday by the American Petroleum Institute, showing crude supplies from the US dropped by 54,000 barrels last week.
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