Economy

Oil prices fall amid rising fuel inventories

Oil prices fall amid rising fuel inventories

The API data showed a jump of 9.2 million barrels in gasoline stockpiles, while inventories of distillates rose about 4.3 million barrels, sources said.

US crude on Wednesday slid almost 3 percent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in USA inventories of refined fuel suggested demand may be flagging, while USA crude production hit another weekly record.

Futures erased Tuesday's gains in NY after the American Petroleum Institute was said to report gasoline stockpiles in the world's largest economy surged by 9.2 million barrels last week, Bloomberg said.

January West Texas Intermediate crude lost $1.66, or 2.9%, to settle at $55.96 a barrel on the New York Mercantile Exchange-for its lowest finish since November 16, according to FactSet data.

Brent crude futures LCOc1, the worldwide benchmark for oil prices, were down 6 cents at $62.80 a barrel as of 0751 GMT.

USA crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data. Net petroleum supplies fell by about 2.5 million barrels because of dips in other oils and products, according to the Energy Department.

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Gasoline inventories disappointed bullish traders with a massive build during the week-ending December 1. They are now 9.1 million barrels below their level during the same week in 2015, but "they are still more than 100 million barrels above their level from the same week during 2014", said Jenna Delaney, senior oil analyst at S&P Global Platts.

Current analyst estimates for the EIA data expect a drop of 3.404 million barrels in crude, a gain of 967,000 barrels for distillates and an increase of 1.741 million barrels in gasoline.

Among the heating fuels, January heating oil settled at $1.861 a gallon, down 2.8%.

Inventories at the Cushing, Oklahoma, site decreased by 1.951 million barrels this week.

USA output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015, the EIA said last week.


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