The U.S. Energy Information Administration reported that U.S. crude oil inventories increased by 4.657 million barrels last week. The build defied an expected drawdown of 1.483 million barrels and points to a looser near-term crude oil balance. WTI, previously trading between $85 and $87 per barrel, and Brent, around $92 to $93, may therefore fail to reach the anticipated price levels. Markets have also reduced the perceived likelihood of WTI reaching $160 in November in favor of lower price scenarios. Future shale production, OPEC+ output decisions, Iranian exports and geopolitical developments could further affect market pricing in November.
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