West Texas Intermediate for November delivery rose as much as $1.09 to $45.14 a barrel on the New York Mercantile Exchange and was at $44.90 as of 12:40 p.m. London time. The October contract expired Tuesday after advancing 14 cents to close at $43.44. Total volume traded Wednesday was 17 percent below the 100-day average. Brent for November settlement rose as much as $1, or 2.2 percent, to $46.88 a barrel on the London-based ICE Futures Europe exchange. Prices dropped 7 cents, or 0.2 percent, to $45.88 on Tuesday. The global benchmark traded at a $1.81 premium to WTI. Diverging from the API, a Bloomberg survey shows U.S. crude stockpiles probably increased by 3.25 million barrels last week.
Oil prices were mixed on Tuesday, with U.S. crude gaining and Brent crude slumping, as investors prepared for a key meeting of the OPEC producer group next week.
Crude future were in line with the broader financial markets, which were largely unruffled by a U.S.-North Korea summit aimed at the denuclearization of the Korean peninsula.
OPEC and other producing countries including Russia have cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market. The group holds its next meeting on June 22-23, and is expected to decide on future supply policy.
With U.S. sanctions threatening to cut Iranian exports and the potential for more declines in Venezuelan production, OPEC kingpin Saudi Arabia and Russia have indicated they would be willing to raise output to make up for any supply shortfall.
more at source: https://www.cnbc.com/2018/06/11/oil-markets-trump-kim-summit-opec-meeting-in-focus.html