Oil report

REUTERS SUMMIT-Global oil inventories may see rise in November, says Mercuria chief

LONDON, Nov 9 (Reuters) - Global oil inventories may see a small rise in November due to new coronavirus-related restrictions but could return to pre-coronavirus crisis levels as soon as the second quarter of 2021, the chief executive of Mercuria Energy Trading said on Monday.

Marco Dunand also told the Reuters Commodity Trading Summit that he did not see any major rule changes under a Joe Biden presidency in the United States although he said it was likely to become tougher to invest in fossil fuel production.

“At the moment we actually expect inventories to slightly increase in November. They were decreasing in October. But with the new COVID restrictions we expect a very small build in November and possibly December,” he said.

Reporting by Julia Payne; Writing by Edmund Blair; Editing by Louise Heavens