Oil Dips Toward $57 on Signs US Gasoline Stockpiles Expanded

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US crude stockpiles probably declined by 2.5 million barrels last week, according to the median estimate in a Bloomberg survey before an Energy Information Administration report scheduled to be released on Wednesday.

New Delhi, Dec 6 Crude oil futures fell by Rs 26 to Rs 3,698 per barrel today as speculators reduced their positions amid a weakening trend overseas.

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The API inventory data is out for the current week and it is showing that crude stocks had a large draw, but Gasoline and Distillates are showing a large add to inventories.

Oil declined after industry data showed USA gasoline stockpiles expanded for the first time in four weeks. USA refineries produced about 9.8 million barrels of gasoline a day last week, down about 400,000 barrels a day compared to the prior week.

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Before the EIA report, benchmark West Texas Intermediate (WTI) crude for January delivery traded down about 1.1% at around $56.83 a barrel, and it inched up to around $56.95 after the report's release but slipped to around $56.77 minutes later. Net petroleum supplies fell by about 2.5 million barrels because of dips in other oils and products, according to the Energy Department. Brent was trading down 0.75% on the day at $62.92.

Distillate inventories, too, saw a build this week, up 4.259 million barrels, against a forecast of a 548,000-barrel build. 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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The United States Oil ETF (NYSEARCA: USO) traded down about 1.5%, at $11.37 in a 52-week range of $8.65 to $12.00.

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