Crude Oil Drops Despite Dwindling Inventories

Crude oil futures fell Wednesday despite data confirming another significant build in U.S. oil inventories.

The Energy Information Administration reported draw of 5.1 million barrels of crude.

However, gasoline inventories, continued to rise, this time by 5.7 million barrels.

WTI light sweet crude oil lost 54 cents, or 1%, to settle at $56.60/bbl.

Meanwhile, OPEC said world oil demand will grow by 1.53 million barrels a day in 2018.

OPEC’s total production fell by 133,000 barrels a day to 32.45 million barrels a day in November. The cartel raised its forecast for non-OPEC production growth in 2017 and 2018.

Also today, the Labor Department said its Consumer Price Index increased 0.4 percent last month after edging up 0.1 percent in October.

Excluding the volatile food and energy components, consumer prices ticked up only 0.1 percent.

The material has been provided by InstaForex Company –

Source:: Crude Oil Drops Despite Dwindling Inventories

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply