Crude oil futures rose further Thursday as the government confirmed another significant drop in U.S. oil inventories.
Feb. WTI oil climbed 38 cents, or 0.6%, to settle at $62.01/bbl on Nymex, the highest in more than three years.
U.S. commercial crude oil inventories decreased by 7.4 million barrels from the previous week, the EIA said today. That result is roughly in line with yesterday’s industry survey by the American Petroleum Institute.
Stockpiles have been dwindling for weeks now, fueling speculation the global oil market can re-balance in 2018.
At 424.5 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.
However, with a cold snap keeping drivers off the roads during the holidays, total motor gasoline inventories increased by 4.8 million barrels last week, and are above the upper half of the average range.
There was little reaction to news that U.S. President Donald Trump proposed a major expansion in U.S. offshore drilling.
The material has been provided by InstaForex Company – www.instaforex.com
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
