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Oil Inventories Fall by 3.1M Barrels Last Week: API

CommoditiesDec 07, 2021 05:11PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell more than expected last week, but product inventories recorded sizeable gains at a time when many are reassessing the risk of the Omicron Covid-19 variant to energy demand. 

West Texas Intermediate, the U.S. benchmark, traded at $71.73 barrel on the news, after settling up 3.7% at $72.05 a barrel. 

U.S. crude inventories fell by 3.1 million barrels for the week ended Nov. 30. That compared with a draw of 747,000 barrels reported by the API for the previous week. Economists were expecting a draw of about 2.1 million barrels. 

The API data also showed that gasoline inventories rose by 3.7 million barrels last week, and distillate stocks increased by 1.2 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.7 million barrels last week.

 
 
Oil Inventories Fall by 3.1M Barrels Last Week: API
 

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Comments (4)
Todd Gray
Todd Gray Dec 07, 2021 6:45PM ET
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There's many millions of barrels idle in tankers sitting right off our shores. Guess Bidens little speech at the docks didn't do much good.
Christopher Hand
Christopher Hand Dec 07, 2021 6:45PM ET
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most of the ships sitting are not tankers.
New Jazenevd
New Jazenevd Dec 07, 2021 6:04PM ET
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Oil will be in shortage and price will trend higher as long as Biden administration keeps power.
Zeevans Cortez
Zeevans Cortez Dec 07, 2021 5:35PM ET
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CUSTOMERS shake Spending bar Unit 's
Scott Gramza
Scott Gramza Dec 07, 2021 5:27PM ET
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Not surprised by the crude inventories draw
Mohammed Alhrmodi
Mohammed Alhrmodi Dec 07, 2021 5:27PM ET
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So it will go up or down oil
Terry Parker
Terry Parker Dec 07, 2021 5:27PM ET
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it should go down
Norman Norman
Norman Norman Dec 07, 2021 5:27PM ET
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how about today. yesterday going up
Norman Norman
Norman Norman Dec 07, 2021 5:27PM ET
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how about today. yesterday going up
 
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