Oil Prices Slide On Major Gasoline Build

Information released Wednesday by the Energy Information Administration showed US crude oil inventories decreased by 5.6 million barrels last week.

At the time of writing, WTI was trading at US$56.71 a barrel, with Brent at US$62.02, both down from yesterday's close. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed.

According to the Energy Information Administration, the US Department of Energy's statistical arm, gasoline stores jumped by 6.8m barrels over the week ending on 1 December to sit in the middle of their average range.

Market surveys estimated that USA gasoline and distillate inventories could have risen by 1,741,000 barrels and 967,000 barrels during the same period.

Oil prices edged down Wednesday morning, partly in response to rising USA product inventories. Initially the efforts had little impact, but prices began to rise in the second half of the year amid higher compliance with the production curbs and stronger global demand.

Rainwater from Hurricane Harvey surrounds oil refinery storage tanks in this aerial photograph taken above Texas City, Texas, U.S., on Wednesday, Aug. 30, 2017. Traders were looking for a draw of about 3.5 million barrels. The API report showed an increase of 9.196 million barrels, compared to forecasts of a much smaller 1.145-million-barrel build. Exports of refined products fell by 875,000 barrels a day last week to 5.04 million barrels a day. Now trade is carried out by the exchange's two divisions, the NYMEX Division and the COMEX Division, the first one designed for trades of oil, gas, platinum, palladium, ethanol, coal, electricity and carbon dioxide emissions, the second one for gold, silver, copper and aluminum.

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