Bigger-Than-Expected Drop in US Crude Stockpiles Stokes Price Rise

Alicia Cross
December 1, 2017

Oil prices extended losses Wednesday as traders digested the newly-released USA crude stockpile data.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT-just one day prior to the OPEC meeting.

Inventories at the Cushing, Oklahoma, site decreased by 3.178 million barrels this week.

However, gasoline and distillate stocks rose more than anticipated last week, according to the EIA. EIA data showed distillate stockpiles, which include diesel and heating oil, jumped by 2.7 million barrels, versus expectations for a 230,000-barrel increase. Brent was trading down 0.44 percent on the day at $63.10.

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The market also responded positively to news that Kuwait's oil minister said a key committee recommended the Organization of the Petroleum Exporting Countries extend its supply-cut agreement by nine months.

Gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel gain.

Brent crude futures were up 35 cents on the day at $63.96 US a barrel late morning Wednesday, while USA light crude rose 23 cents to $58.22 USA a barrel. Refinery utilization rates rose by 1.3 percentage points.

Crude palm oil prices fell 0.42 per cent to Rs 583.90 per 10 kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand at spot markets.

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