Economy

Oil markets stumble on a surprise United States crude inventory build-up

Oil markets stumble on a surprise United States crude inventory build-up”

The price for January Futures Brent oil cut down by 0,19% to stand at $63,57 per barrel on the London ICE Futures Exchange.

The U.S. produced 9.62 million barrels of oil per day through November 3, the Energy Information Administration (EIA) said today, overtaking the previous high that occurred back in June 2015. USA gasoline futures pared losses after the report, which was seen as bullish for refined products.

Gasoline inventories - one of the products that crude is refined into - fell by 3.3 million barrels, confounding expectations for a draw of 1.9 million barrels while supplies of distillate - the class of fuels that includes diesel and - fell by about 3.4 million barrels, a steeper draw than the expected decline of 1.4 million barrels.

However, gasoline inventories shrank by 3.3m barrels while those of distillates did so by 3.4m barrels with both left sitting in the lower half of their average range for that time of year.

In parallel, domestic U.S. oil production increased by 67,000 b/d to 9.62m b/d. Traders were looking for a 1.9 million barrel draw down.

Oil steadied near $57/bbl in NY as data showing US crude output at the highest in at least three decades countered concerns sparked by a political purge in top exporter Saudi Arabia. Futures recovered slightly but were still trading lower. The chart pattern doesn't mean the trend is getting ready to change to down, but it may be the first indication that the selling is greater than the buying at current price levels.

On the Brent chart, a move through $62.78 will confirm the reversal top.

Meanwhile, analysts said investors also tended to take profit after oil prices posted solid gains earlier this week.



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