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On November 14, December WTI crude oil closed up 1.39% at $60.32, while December RBOB gasoline rose 0.46% to $2.0140, amid speculation of tighter EU sanctions on Russian energy following comments made by Kaja Kallas, the EU’s top diplomat.
Crude oil exports from Russia fell to 3.36 million barrels per day (bpd) in the four weeks ending November 16, down 90,000 bpd week-over-week and the lowest in three months. OPEC revised its Q3 oil market estimate from a deficit to a surplus of 500,000 bpd, while expectations for US crude production in 2025 increased to 13.59 million bpd.
As of November 14, the number of active US oil rigs rose by three to 417, slightly above a four-year low, while US crude oil inventories were reported at 4.1% below the five-year seasonal average.
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