Oil Prices Higher Supported by US Oil Inventory Data

Oil Prices Higher Supported by US Oil Inventory Data

Oil Prices Higher Supported by US Oil Inventory Data

-January light, sweet crude on the New York Mercantile Exchange was recently up 0.7% at $57.53 a barrel in the Globex trading session.

Traders now await crucial United States inflation data and an interest rate call from the Federal Reserve.

The cartel raised its forecast for non-OPEC production growth in 2017 and 2018.

Distillate inventories, too, saw another build this week, up 1.538 million barrels, against a forecast of a 902,000-barrel build.

Crude oil prices came under pressure following an Energy Information Agency (EIA) inventory report showing crude stockpiles fell more-than-estimated, but gasoline inventories rose for the second week in a row.


The dip in USA crude oil inventories comes after weeks and weeks of increasing oil production in the United States, growing from an average of 8.946 million bpd in the first week of January of this year and reaching an average of 9.707 million bpd for week ending December 1.

Meanwhile, gasoline stocks rose by 5.7 million barrels, beating market expectations for a 2.5 million-barrel gain.

Crude oil future rose Wednesday ahead of the government's official United States inventories report. The American Petroleum Institute on Tuesday had reported a drop of 7.4 million barrels, according to sources.

Rising non-OPEC production has added to fears that oil producers not part of the production-cut agreement would continue to ramp up output, slowing the rebalancing in markets.

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