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Oil prices fall amid rising fuel inventories

Oil prices fall amid rising fuel inventories

Crude Inventories of US crude fell by roughly 5.6 million barrels for the week ended December 2, beating expectations of a draw of 3.4 million barrels.

EIA data, once it's released, will help determine the direction for crude oil prices for the rest of the trading day and into Thursday morning.

West Texas Intermediate for January delivery was at $57.42 a barrel on the New York Mercantile Exchange, down 20 cents, at 7:45 a.m.in London. The global benchmark traded at a premium of $5.22 to February WTI.

Oil prices were stable on Thursday as a fall in USA crude inventories was countered by soaring output and a rise in fuel stocks.

Brent crude futures, the worldwide benchmark for oil prices, were at $61.28 a barrel, up 6 cents.

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"Gasoline inventories are also now building as demand eases back even in the face of decent export numbers". United States gasoline futures fell 3.3% to $1.66 per gallon on the same day. Heating oil, a proxy for diesel, lost 2.6 percent to $1.8650 a gallon. Meanwhile, the gasoline stocks were up by a total of 6.8 million barrels, to 220.9 million barrels today according to the U.S. Energy Information Administration.

While some of the experts surveyed by Reuters expect OPEC to keep compliance high because the individual producers need higher oil prices to cut budget deficits, others express lingering doubts about the resolve of the group of non-OPEC nations to stick to pledges, especially the leader of that group, Russia. Prices are finding it hard to surpass their two year highs.

Russian Oil Minister Alexander Novak said it was too early to talk about exiting the OPEC agreement, and that the process would be gradual. Tallying a total of 448.1 million barrels; the figures managed to level below the expected seasonal stocks from years 2015 and 2016.

USA oil production has climbed by 15 percent since mid-2016 to 9.7 million bpd, close to levels of top producers Russian Federation and Saudi Arabia. "There's only going to be more production coming which is very problematic for OPEC non-OPEC deal adherence", said John Kilduff, partner at Again Capital in NY.


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