Oil prices advanced on Wednesday, driven higher by the American Petroleum Institute's report of a decline in U.S. crude stocks and an OPEC statement reassuring the markets that a planned production cut was attainable. API reported on late Tuesday crude inventories shed 3.8 million barrels in the most recent week down to 467.1 million barrels. The report will be confirmed by official stock data from the U.S. Energy Information Administration (EIA) scheduled to be released later on Wednesday. U.S. WTI crude oil futures rose 52 cents or 1% from their last close and traded at $50.81 per barrel while Brent crude futures were up 46 cents or 0.9% at $52.14 per barrel. Oil prices were also propped up by OPEC secretary general Mohammed Barkindo who voiced his optimism that the cartel will have a finalized decision regarding an outlined production cut after an OPEC meeting on November. The group also aspires for non-OPEC member producers, particularly Russia to cooperate in the undertaking.
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