WTI Crude Oil Prices

WTI crude oil prices averaged USD 60.04 per barrel in November, down 1.3% from October. On 28 November, the commodity traded at USD 58.58 per barrel, down 5.1% from 31 October.

Global factors mostly drove the decline in WTI prices, most notably OPEC+’s move to keep hiking production despite signs of weakening demand. Regarding U.S.-specific data released over the past month, U.S. oil production hit a fresh high of 13.84 million barrels per day in September. Meanwhile, U.S. oil inventories rose 14.4 million barrels more than the market expected in the four weeks to 26 November.