US Weekly Petroleum Status Report

Energy Data Response
Written by Capital Economics Economist

US crude oil stocks continued to climb in the latest data, adding to signs of oversupply in the market and putting additional pressure on OPEC to move to curb output at its meeting in early December. We expect OPEC output to start to fall in the coming months, but it remains to be seen whether the scale of the reduction will be sufficient to spark a sustained recovery in prices.