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U.S. Crude Oil (WTI) traded above the $63 handle on Tuesday, as the American Petroleum Institute (API) reported an exceptionally large draw of 11.19 million barrels of U.S. crude oil inventories for the week ending 5th January, against an expectation of 3.89 million barrels. This is the sixth week in a row that API has reported large draws. Oil prices have also been supported by a year of production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia. The cuts, which started in January 2017, are scheduled to continue through 2018.
Attention will now turn to the Energy Information Administration (EIA) inventory data due on Wednesday. If the large draw is replicated, it would be the biggest decline in inventories for this time of the year since 1999.
Oil posted a third weekly loss on Friday, as Saudi Arabia’s reassurances that it won’t flood the global crude market failed to offset a 4.2 per cent price drop at the start of the week.
Oil prices were mixed on Thursday as the market struggled to digest signs of strong gasoline demand in the US, the world’s biggest consumer of the fuel, with a statement from oil producers that they
Oil traded below $68 (Dh249) as investors weighed the prospect of shrinking US inventories against more supply from Saudi Arabia and America’s emergency hoard.
Futures in New York declined
The price of Kuwaiti oil went up 74 cents Monday to $71.79 per barrel (pb), after being at $71.05 pb Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday. On the global scale, the oil price fal
Oil retreated below $70 (Dh257) a barrel as Saudi Arabia was said to offer extra crude to some customers, while the US was said to consider tapping emergency supplies to offset losses elsewhere.