Crude oil rose as the Drupaz oil pipeline was interrupted

International crude oil futures rose on Tuesday (November 15) on news that crude oil supplies to Hungary through the Drubaz pipeline had been temporarily suspended
due to falling pressure on the pipeline.

By the close, the West Texas Intermediate (WTI) December contract, the most actively traded West Texas Intermediate crude oil on the New York Mercantile Exchange (NYMEX), closed at $86.
92 a barrel, up $1.
05 from the previous session
.

Brent crude futures, the global benchmark, for January, closed at $93.
86 a barrel, up $0.
72
.

Russian news agency on Tuesday quoted Transneft as saying that it had received notifications from Ukraine about the pipeline disruption
.

The U.
S.
Defense Department said Tuesday it was investigating unconfirmed reports that a stray Russian bullet caused an explosion in a village in Poland near the Ukrainian border, killing two people
.

The European Union's ban on Russian seaborne crude from Dec.
5 means the EU must replace 1.
1 million b/d of crude oil
, the International Energy Agency said on Tuesday.

Phil Futures, an analyst at Price Futures? Fryan said that if you look at the IEA's global inventory data, it should be very bullish
.

The weaker-than-expected increase in the producer price index (PPI) for October released on Tuesday provides fresh evidence of a slowdown in inflation in the United States, which may prompt the Federal Reserve to slow the pace of
interest rate hikes.

After the data was released, Wall Street stocks rose, while the dollar fell, and the weakening of the dollar made dollar-denominated crude cheaper for buyers holding the currency
.

Global crude oil use will decline by nearly 250,000 b/d in the fourth quarter of 2022 due to a gloomy economic outlook, and global crude demand growth will slow to 1.
6 million b/d in 2023, down from the 2.
1 million b/d
expected year-on-year increase in 2022, according to the IEA's monthly report released on Tuesday.

Weak economic data from China limited crude gains
.
Investment bank JPMorgan Chase cut its quarterly and full-year forecasts
for China's economic growth.

The American Petroleum Institute (API) will release last week's inventory data
for U.
S.
crude and refined products after hours on Tuesday.
Analysts expect U.
S.
crude inventories to shrink by about 300,000 barrels
in the week ended Nov.
11.

WTI crude is up 0.
45% so far this month and 15.
57% year-to-date, and closed Tuesday up 7.
63%
year-on-year.
Brent crude is down 1.
02% so far this month, up 20.
67% year-to-date, and closed Tuesday up 13.
87%
year-on-year.

In contrast, WTI crude rose 55.
5% in 2021, the biggest annual gain since 2009
.
Brent crude rose 50.
5 percent, its biggest gain since 2016, largely due to strong demand and limited
supply growth.