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Bigger-Than-Expected Drop in US Crude Stockpiles Stokes Price Rise

01 December, 2017, 06:40 | Author: Melinda Barton
  • Crude oil futures up 1 pc on global cues

Oil prices were down heading into today's data and heading into this week's meeting, with WTI down $.015 (-0.26 percent) at $57.96 at 2:00pm EST, and Brent crude down $0.19 (-0.30 percent) at $63.19.

Iran's light crude oil price rose 82 cents in the week ended on November 24 to settle at $62.08, IRNA reported on Wednesday.

Stocks of gasoline and distillates rose more than anticipated. January crude fell 20 cents, or 0.3%, from Tuesday to $57.79 a barrel on the New York Mercantile Exchange, little changed from $57.77 before the supply data.

The committee will grapple with rising US production, which hit 9.68 million barrels per day (bpd) in the most recent week, a new weekly record.

Kuwait's oil minister said Wednesday that the Joint Ministerial Monitoring Committee of OPEC and non-OPEC countries has recommended that producers extend the cuts by six or nine months, according to a report from the Financial Times (https://www.ft.com/content/ce188608-6b1e-3832-bcd4-4a847bdf5b4c).

US crude inventories fell by 3.4 million barrels last week to 453.7 million, exceeding market expectations, the Energy Information Administration (EIA) said in its weekly report Wednesday.


The net long position held by hedge funds and other money managers in the five main petroleum futures and options contracts covering crude and fuels were cut to 1,092 million barrels from a record 1,120 million on November 14. That was a bit bigger than the forecast for a decline of 3 million barrels from analysts surveyed by S&P Global Platts.

OPEC members made a decision to cut production by 1.2 million barrels per day.

Last week the API had reported a more than 6-million-barrel draw.

OPEC and non-OPEC countries made a decision to extend oil output cuts for nine months in Vienna on May 25.

January natural gas rose 1.6% to settle at $3.179 per million British thermal units, up sharply for a third-straight session on the back of weather-related expectations for higher demand.

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