Picture used for illustrative purpose. File

Gulf Today Report

Oil prices advanced on Wednesday as investors remain hopeful of OPEC+ decision to delay the scheduled increase in oil output.

Brent crude futures for January rose 22 cents, or 0.5%, to $43.97 a barrel by 07:33 GMT, while US West Texas Intermediate crude for December climbed 6 cents, or 0.1%, to $41.49 a barrel.

Earlier in the session, both benchmarks fell following the American Petroleum Institute report on US crude stockpiles rising by 4.2 million barrels last week. 

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Saudi Arabia calls on OPEC+ to be meticulous in dealing with the oil markets as the demand for energy has decreased due to surging COVID-19 cases.

Hiroyuki Kikukawa, general manager of research at Nissan Securities said WTI might stay boxed into a range of $39 to $44 until a decision is made concerning holding off the increase in output. 

OPEC+ is scheduled to hold a full ministerial meeting on Nov.30 and Dec.1.

OPEC+ members are considering delaying the increase in output that was scheduled for January.