Oil Dips Toward $57 on Signs US Gasoline Stockpiles Expanded

Share

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.

Amazon Launches Amazon Prime in Singapore
However, as an introductory offer, Amazon only charge S$2.99, though Amazon decline to inform of how long the promotion will last. Streaming service Amazon Prime Video and gaming subscription service Twitch Prime will be bundled as part of the membership.

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.

Gold steadies after plumbing two-month low
Monday's palladium price slide came with a 12,700-ounce reduction in exchange-traded fund holdings, Commerzbank said in a note. The Fed is nearly certain to raise interest rates later this month, according to a Reuters poll of economists.

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.

Suspect in Arnold officer shooting was well known to police
Authorities say 29-year-old Chad Klahs of Arnold died Tuesday after shooting Arnold , Missouri, officer Ryan O'Connor in the head. Images from 5 On Your Side's chopper show an Arnold police vehicle crashed into a large gas tank outside the police department.

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.

Share