Oil futures settled higher Nov. 4 as the market eyed tightened supply outlooks following a US inventory draw and the possibility of extended OPEC+ production cuts. NYMEX December WTI climbed $1.49 to settle at $39.15/b and ICE January Brent was up $1.52 at $41.23/b. US commercial crude stocks moved 8 million barrels lower in the week ended Oct. 30 to 484.43 million barrels, US Energy Information Administration data showed Nov. 4. The draw puts inventories at the lowest since the week ended April 3 and leaves them just 6.8% above the five-year average for this time of year, marking the narrowest surplus since early April.
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