Crude oil prices fall after US inventory build feeds oversupply fears

High Odds for COVID-19 Vaccines Support Crude Oil

OPEC+ faces growing pressure to avoid another price decline

Brent crude futures for December delivery were at $42.94 a barrel, down 22 cents, or 0.5%, as of 0035 GMT, while December U.S. West Texas Intermediate (WTI) crude futures slipped 23 cents, or 0.7%, to $41.47 a barrel.

"In order to meet this increase in demand for energy and oil, investment is essential", said Attar, reiterating Algeria's commitment to supporting OPEC+ efforts. House Speaker Nancy Pelosi told Bloomberg TV that a bill for a compromise stimulus package is being written, raising hopes that lawmakers and the White House may be able to break a months-long impasse. Prices also strengthened on expectations that US crude stockpiles fell for a second week.

"Tuesday found oil traders struggling to make up their minds on how to interpret the result of the previous day's OPEC+ meeting", said Bjornar Tonhaugen, head of oil markets at Rystad Energy. After all the trauma the USA oil industry has been through this year - from production cuts to mass layoffs and a string of bankruptcies - many producers say they're still prioritizing output over reducing debt.

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Still, skepticism over the impact of a deal on oil markets lingered. "We're also going to need more clarity where the fiscal plan is going".

The Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have made two phone calls to discuss crude oil markets since 13 October. "We will not dodge our responsibilities in this regard", Saudi Energy Minister Prince Abdulaziz bin Salman said. OPEC+ would have to change its mind and announce a reversal of its planned output increase from January, and a working vaccine would have to be implemented before we'd see a breakout to the upside of this current rangebound trade.

OPEC-member Libya is exempt from any production cuts.

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Meanwhile, China's oil-buying frenzy earlier this year is expected to slow in the fourth quarter.

In the docket, the API reported a nearly 600K weekly build in USA crude oil supplies late on Tuesday vs. a forecasted drop of almost 2M barrels. It should be noted that crude inventories declined by just 1 million barrels while USA domestic oil production was down by 0.6 million bpd, so oil demand in the US remained muted.

Israel and the United Arab Emirates have opened talks over an oil pipeline linking the Red Sea with the Mediterranean and whose operations Israeli officials treat as top secret.

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