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 – www.instaforex.com

Source:: Crude Oil Drops Despite Dwindling Inventories

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