Crude oil prices fell more than 2% in midday European trading on Wednesday, November 19, after rising for four consecutive sessions. This decline was influenced by Russian statements indicating that Russia would soon reach its production quota. Preliminary figures showed an increase in inventories, while markets awaited official figures from the US Energy Information Administration later in the day. US crude (WTI) fell by approximately 2.21%, trading at $59.40 per barrel, while Brent crude traded at $63.55 per barrel, down about 2.07%.

The American Petroleum Institute’s report, released Tuesday, showed an increase in inventories of 4.4 million barrels in the week ending November 14, compared to expectations of a 600,000-barrel decrease. Specifically, gasoline inventories rose by about 1.5 million barrels, while distillate inventories, which include heating oil and diesel, increased by about 600,000 barrels.

Markets are awaiting the official report from the US Energy Information Administration later today, with forecasts indicating a 600,000-barrel decline in inventories.

Meanwhile, Russian Deputy Prime Minister Alexander Novak stated this morning that Russia will reach its OPEC+ production quota by the end of this year or early next year. Russia’s quota in November was 9.5 million barrels per day, following its announcement that production had fallen by 70,000 barrels per day in October, raising market concerns about supply.