Oil Falls on Rising US Gas Supplies

Oil Falls on Rising US Gas Supplies

Oil Falls on Rising US Gas Supplies

The magnitude of the build overshadowed expectations about shrinking US supplies of stored crude.

Total gasoline inventories increased by 6.8 million barrels last week, according to the EIA, and remain in the middle of the five-year average range. Still, "I don't think gasoline demand is going to fall apart all of a sudden".

The oil for delivery in far-month January also fell by a similar margin to trade at Rs 3712 per barrel in 57 lots.

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OPEC and 10 major producers outside the cartel, including Russian Federation, agreed Thursday to extend a deal to hold down crude output by almost 2% through the end of next year.

Oil prices edged down Wednesday morning, partly in response to rising US product inventories.

Oil is averaging about $54 a barrel this quarter, the highest in more than two years, after the Organization of Petroleum Exporting Countries and its allies agreed to extend output curbs until the end of 2018.

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Following the release of the latest data, West Texas Intermediate crude oil futures were 2.345% lower to $56.30 in ICE trading.

The price for Brent crude oil was down 0.94 percent from the previous close to trade at $62.27 per barrel as of 9:15 a.m. EST. The global benchmark crude traded at a premium of $5.19 to February WTI. WTI Oil slipped under $57 per barrel and took a hefty tumble as equities plunged around Asia and Europe.

Late Tuesday, the American Petroleum Institute, an industry group, released data showing a 9.2 million-barrel rise in gasoline stocks and a 4.3 million-barrel increase in distillate inventories for the week ended December 1, even as crude stocks came down by 5.5 million barrels.

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Distillate inventories, too, saw a build this week, up 4.259 million barrels, against a forecast of a 548,000-barrel build.

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