United States crude stocks fall, but gasoline, distillates up

United States crude stocks fall, but gasoline, distillates up

United States crude stocks fall, but gasoline, distillates up

Brent futures had fallen to US$63,67 a barrel by 06h28 GMT, down 17 cents, or 0,3%, from their previous close.

Oil prices extended losses Wednesday as traders digested the newly-released USA crude stockpile data.

Gasoline futures ended near the day's lows following a bigger-than-expected rise in US supplies of the fuel.

Oil prices have rallied by 40 percent since the middle of the year, supported by a deal between the Organization of the Petroleum Exporting Countries (OPEC) and other major exporters, such as Russian Federation, to reduce crude oil production by 1.8 million barrels per day (bpd). U.S.'s West Intermediate Texas (WTI) crude futures fell 1.64% in the session, or 95 cents, to $57.04/Bbl.

Oil traders have largely priced in a full nine-month extension of the current production agreement between OPEC and its non-OPEC allies, and ministers have done little to temper expectations.

Meanwhile, the U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell (http://www.marketwatch.com/story/eia-reports-a-fall-in-us-crude-supply-but-gasoline-stocks-rise-more-than-expected-2017-11-29) by 3.4 million barrels for the week ended November 24. That was a bit higher than the forecast for a decline of 3 million barrels from analysts surveyed by S&P Global Platts.

Gasoline inventories, according to the API, saw a draw this week, of 1.529 million barrels for the week ending November 24, compared to forecasts of a 1.17-million-barrel build.

Total domestic crude production, however, climbed by 24,000 barrels to 9.68 million barrels a day last week.

However, gasoline and distillate stocks rose more than anticipated last week, according to the EIA. Refinery utilization rates rose by 1.3 percentage points.

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