By Yasin Ebrahim

Investing.com: U.S. crude stocks fell faster than anticipated last week but product inventories saw significant gains in a time that many are reviewing the Omicron Covid-19 variation to their energy needs. 

After settling at $72.05/barrel,, U.S.-based benchmark oil, was traded at $71.73 on the news. 

For the week ended November 30, oil fell by 3.1 Million barrels. This is compared to the draw of 747,00 barrels that the API reported for the week before. The draw was expected to be about 2.1 Million barrels, according to economists. 

API data showed that gasoline inventories increased by 3.7 Million barrels and distillate stock rose by 1.2 Million barrels.

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 said in a note