Crude oil futures settled higher on Friday as hopes that OPEC and allies will decide to keep supply levels tight outweighed recent data showing a surge in U.S. crude inventories and likelihood of Iranian oil entering the market.
West Texas International Crude oil futures for December ended up by $0.76 or about 0.9% at $83.57 a barrel, recovering strongly after hitting a low of $81.41.
WTI Crude futures gained more than 11% in October.
The Organization of the Petroleum Exporting Countries and its allies including Russia, a group called OPEC+, will meet on November 4 to decide on crude output.
The group is widely expected to stick to its plan to add 400,000 barrels per day of supply each month until April 2022.
A report from Baker Hughes said the number of rigs drilling for oil in the U.S. rose by one in the latest week to 444. The oil-rig count is up by 221 from a year earlier.
Gas rig count increased by one to 100 this week, and compared to the count in the same week last year, it is up by 29.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2184907/
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