Global oil prices showed a slight rise on Friday pressured by excess supply and uncertainty leading up to OPEC's Nov. 30 meeting when the cartel is anticipated to decide on an oil output freeze.
International benchmark Brent crude oil increased by 0.71 percent to $46.82 while U.S. WTI rose by 0.64 percent to $45.71 at 12.35 GMT on Friday.
On Tuesday, the American Petroleum Institute (API) revealed data showing an oil inventory build of 3.6 million barrels in the U.S for the week ending Nov. 11.
U.S. Energy Information Administration (EIA) estimated the rise in oil stocks to be 5.3 million barrels for last week. With this increase, oil stocks in the U.S. reached 490.3 million barrels, EIA said on Wednesday.
The growing oil supply glut coupled with the upcoming OPEC's Nov. 30 meeting, where a decision on output is expected, continues to keep pressure on the market and to limit an oil price increase.
The market is anticipating a final decision from OPEC members on an oil production cut.
On Sept. 27, the cartel agreed to lower output to a range of 32.5 and 33 million barrels per day effective from November.
(Anadolu Agency)
