30 November 2022 | Other

Oil rises due to U.S. crude stocks shrink

Oil prices rose in early Asian trading on Wednesday, driven by a decline in U.S. crude stocks. However, concerns that OPEC+ will leave its production policy unchanged at its upcoming meeting acted as a constraint on oil prices.

The U.S. Energy Information Administration will release official data on oil inventories at 3:30 p.m. GMT on Wednesday.

In addition, market participants are keeping a close eye on OPEC+'s upcoming meeting on Dec. 4.

According to five OPEC+ sources, oil production policy is likely to remain unchanged at Sunday's meeting. However, two sources said additional production cuts are likely to be considered.

The group's meeting comes at a time when slowing economic growth and closure of the Chinese market because of COVID-19  are reducing demand for oil, and the looming European Union ban on Russian oil imports and G7 price caps on Russian oil question the volume of supply.

Company MarketCheese
Brent sell
Period: 19.12.2025 Expectation: 200 pips
Brent crude to remain within $62.5–$65 range
Yesterday at 10:55 AM 25
Period: 12.12.2025 Expectation: 1625 pips
GBPUSD correction looms as Fed easing bets grow
Yesterday at 09:48 AM 22
Period: 28.02.2026 Expectation: 7000 pips
USDJPY poised to extend its decline
Yesterday at 08:49 AM 13
Period: 31.03.2026 Expectation: 140 pips
Investing in Brent crude with $75.5 in sight
Yesterday at 08:49 AM 17
Period: 12.12.2025 Expectation: 935 pips
AUDCAD aims for new highs on strong fundamentals
Yesterday at 08:11 AM 13
Period: 11.12.2025 Expectation: 450 pips
Buying natural gas on way down before next rally
04 December 2025 57
Go to forecasts