U.S. crude stocks fall, but gasoline, distillates up

Crude oil futures up 1 pc on global cues

World oil prices continue to decline in the course of trading on Wednesday on data on unexpected increase of commodity stocks of fuel in the U.S.

The American Petroleum Institute (API) reported on November 28 that the volume of oil reserves in the USA increased by 1.8 million barrels, distillates - by 2.7 million barrels.

Inventories at the closely watched Cushing, Oklahoma delivery hub fell by 2.9 million barrels to 58.3 million barrels last week, its biggest weekly draw since Sept 2009.

Meanwhile, with a 65 cents rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $60.94 per barrel in the mentioned week.

Gasoline futures ended near the day's lows following a bigger-than-expected rise in USA supplies of the fuel.




For Brent, WTI, U.S. gasoline and U.S. heating oil, the net long declined by 28 million barrels after rising by 237 million barrels over the previous four weeks, data from regulators and exchanges shows. Brent crude rose 31 cents to $63.92 a barrel.

That had been expected, but there was some concern headed into OPEC's decision, expected Thursday, that the agreement might not be extended that long.

Gasoline stocks rose 3.6 million barrels, compared with forecasts for a 1.2 million-barrel gain. Many analysts see the deal as running throughout next year, but Russian Federation and Saudi Arabia are attempting to work out differences over petroleum output ahead of the meeting, according to The Wall Street Journal (http://www.marketwatch.com/story/russia-saudi-arabia-try-to-hammer-out-differences-on-oil-output-curbs-2017-11-29).

January natural gas rose 1.6% to settle at $3.179 per million British thermal units, up sharply for a third-straight session on the back of weather-related expectations for higher demand.

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