Investing.com - Oil futures rebound slightly in the early part of Thursday’s Asian session following a small loss during Wednesday’s U.S. session as traders digested the most recent batch of weekly inventory data.
On the New York Mercantile Exchange, light, sweet crude futures for February delivery added 0.02% to USD93.11 per barrel in Asian trading Thursday. Crude lost 0.24% to close at USD92.93 a barrel during Wednesday’s U.S. session.
The Energy Information Administration reported earlier that U.S. crude oil inventories rose by 1.31 million barrels last week, slightly below expectations for a gain of 1.45 million barrels but still a marked contrast from a contraction of 11.12 million barrels registered in the last week of December, which sent oil prices falling.
Gasoline inventories rose by 7.41 million barrels, outpacing market calls for a gain of 2.3 million barrels.
A discouraging German economic data point may also be keeping a lid on oil’s upside. German industrial production rose 0.2% in November, according to official data, missing market expectations for a 1.0% increase. German industrial production fell 2.9% on year in November, in line with expectations. Germany is the Eurozone’s largest economy.
Traders cited surging oil production in the U.S. and Canada as one reason for the increase in weekly inventories. The U.S. is the world’s largest oil-consuming nation and has long been a net importer of oil.
However, production there has soared in recent years to the point that the U.S. may soon become a net oil exporter. Tapping into various shale formations could make the U.S. one of the world’s top oil producers over the next decade. By some estimates, Canada’s oil sands regions has the second-largest oil reserves in the world behind Saudi Arabia.
The Energy Department said U.S. imports averaged 8.65 million barrels per day last year, the lowest level in 15 years.
Elsewhere, Brent crude futures for February delivery traded on the ICE Futures Exchange added 0.06% to USD111.67 per barrel.
On the New York Mercantile Exchange, light, sweet crude futures for February delivery added 0.02% to USD93.11 per barrel in Asian trading Thursday. Crude lost 0.24% to close at USD92.93 a barrel during Wednesday’s U.S. session.
The Energy Information Administration reported earlier that U.S. crude oil inventories rose by 1.31 million barrels last week, slightly below expectations for a gain of 1.45 million barrels but still a marked contrast from a contraction of 11.12 million barrels registered in the last week of December, which sent oil prices falling.
Gasoline inventories rose by 7.41 million barrels, outpacing market calls for a gain of 2.3 million barrels.
A discouraging German economic data point may also be keeping a lid on oil’s upside. German industrial production rose 0.2% in November, according to official data, missing market expectations for a 1.0% increase. German industrial production fell 2.9% on year in November, in line with expectations. Germany is the Eurozone’s largest economy.
Traders cited surging oil production in the U.S. and Canada as one reason for the increase in weekly inventories. The U.S. is the world’s largest oil-consuming nation and has long been a net importer of oil.
However, production there has soared in recent years to the point that the U.S. may soon become a net oil exporter. Tapping into various shale formations could make the U.S. one of the world’s top oil producers over the next decade. By some estimates, Canada’s oil sands regions has the second-largest oil reserves in the world behind Saudi Arabia.
The Energy Department said U.S. imports averaged 8.65 million barrels per day last year, the lowest level in 15 years.
Elsewhere, Brent crude futures for February delivery traded on the ICE Futures Exchange added 0.06% to USD111.67 per barrel.