US crude oil inventories down: API

The American Petroleum Institute (API) on Tuesday reported a decrease of 5.835 million barrels of crude oil in U.S. inventories for the week ending Nov. 11.

Analysts expected a drop of 0.4 million barrels for this week.

The API reported a surge of 5.618 million barrels in the previous week.

Oil prices finished higher as market participants assessed the prospects for global oil demand. The West Texas Intermediate for December delivery added 1.05 U.S. dollars, or 1.2pc, to settle at 86.92 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 72 cents, or 0.8pc, to close at 93.86 dollars a barrel on the London ICE Futures Exchange.

In its monthly oil market report released on Tuesday, the International Energy Agency noted an array of "headwinds" and a particularly tight diesel market.

The Paris-based energy watchdog raised its fullyear oil demand growth estimate for 2022, but lowered its global oil demand growth estimate for 2023.

Turkish and South African firms met Friday in Johannesburg to explore investment opportunities.

"Our (Turkish) economy is one of the fastest growing economies in the region. In the past 19 years Türkiye's economy has been growing at an average of 5.4% but in the first quarter of this year it grew to 7.4%," Yasemin Esenlik, a representative of the Presidency of the Republic of Türkiye Investment Office, told Anadolu Agency after the meeting.

She visited South Africa with two other colleagues to promote investment opportunities for Türkiye at the South AfricaTürkiye Investment and Trade Day event.