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Oil Inventories Fall by Less Than Expected 747,000 Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com: U.S. crude stocks fell below expectations last week. This increases concerns about the future demand at a time that the Omicron Covid variant is threatening travel demand.   

After settling at $66.18/barrel,, U.S. benchmark oil, was traded at $66.94 on the news. 

For the week ending November 23, there was a decline of 747,000 barrels. This is compared to the API’s previous week report of 2.3million barrels. The draw was expected to be about 1.7million barrels, according to economists. 

Data from API also revealed that gasoline inventories increased by 2.2M barrels and that distillate stocks rose by 800,000.

Expect the official government inventory report to be due Wednesday. It will show that weekly U.S. crude oil consumption fell by approximately 1.24 million barrels last Thursday.

Oil prices slumped Tuesday, as market participants fear that the new Covid variant’s impact on energy demand could force OPEC and its allies to delay plans to increase production at their meeting on Thursday.  

OPEC+ confirming its plan to increase production is “virtually unimaginable in view of the latest market developments,” Commerzbank (DE:) said in a note

 

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