Economy

Oil prices decline amid disappointing United States stockpiles data

Crude oil futures rallied Wednesday, extending multi-month hghs after a surprisingly large drawdown in United States oil stockpiles. Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks were forecast to have fallen 1.8 million barrels in the week ended October 27. Inventories of all petroleum products, including diesel, heating oil and jet fuel, fell by 5.8 million barrels.

Refineries processed 16 million bpd daily last week, down 10,000 bpd on the previous week, producing 10.2 million bpd of gasoline.

Meanwhile, gasoline inventories were drawn down by 4.0m barrels last week while those of distillates dipped by 0.3m barrels.

In parallel, imports dropped by 552,000 b/d to average roughly 7.6m b/d, the EIA said. Then, last week, Crown Prince Mohammed said in several interviews that OPEC's de facto leader was all for an extension of the deal until the end of 2018.



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