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Oil rises following the decline in US oil inventories report

2017-12-20 06:04 pm | Resource: NEWS | No Views : 302

OIL

Oil futures are up after the US Energy Information Administration report, which pointed to a sharp and unexpected drop in US oil inventories in the week ended December 15, with a decline of 6.5 million barrels per day compared to the previous reading, which reached 5.1 million Barrels per day. Analysts had expected the deficit to reach 3.6 million barrels, bringing inventories down to 436.5 million barrels, making inventories within the average range for this time of year.

Oil futures rose after the release of the data, with Brent crude gaining 0.63% to reach $ 64.20 per barrel, reaching its highest level since December 12. Brent crude opened at 63, $ 40 per barrel, and the lowest level at $ 63.30, and settle at the highest levels of $ 64 in the middle of US transactions, while the West Texas WTI, the US rose by 0.68% to reach levels of $ 57.95.

The report showed that motor fuel stocks in the United States, the world's largest energy consumer, rose by 1.2 million barrels. Stocks remained close to the upper range for this time of year, while stocks of derivatives including heating oil fell by 0.8 million barrels, Salafis for the medium term for such a time of year, oil prices have also received support from the continued disruption of the North Sea pipeline in the UK, despite the failure of US crude inventories.

The data is higher than that announced by the American Petroleum Institute yesterday, which showed a decline in oil inventories of 5.2 million barrels last week


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