Crude hits two-month low as Dated Brent closes

Three organisations published reports as December Brent crude contract was poised to close two-month low in November

With brimming inventories and the US central bank expected to raise rates in December, prices continue to look vulnerable in the short-term, at $43.88 a barrel (/b) (Brent) and $40.70/b (WTI). The International Energy Agency (IEA), Opec and theUS Energy Information Administration all issued their last reports before Opec members meet in early December to discuss the level of production on the eve of Iran’s possible return as a seller to the market. A common theme across the reports was the growing stock-build, the extent of which surprised analysts in the US. According to the IEA, “stockpiles of oil at a record 3bn barrels are providing world markets with a degree of comfort. This massive cu