Crude oil futures fell Wedesday despite data showing another signficant decline in U.S. oil stockpiles.
A strong dollar dented most commodities after upbeat US GDP data and hawkish comments from Fed Chair Janet Yellen.
Jan. WTI oil was down 69 cents, or 1.2%, to settle at $57.30/bbl.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. This follows a decline of more than 6 million barrels the previous week.
U.S. crude oil imports averaged over 7.3 million barrels per day last week, down by 544,000 barrels per day from the previous week.
Earlier today, the Commerce Department reported that U.S. gross domestic product surged up by an upwardly revised 3.3 percent in the third quarter compared to the originally reported 3.0 percent jump. Economists had expected the increase in GDP to be upwardly revised to 3.2 percent.
Tomorrow OPEC meets in Vienna to decide whether they will extend their supply quota plan with Russia into 2018.
The material has been provided by InstaForex Company – www.instaforex.com
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