US crude below $57 ahead of EIA inventory report

2017-12-06 14:15:13 GMT (Economies.com)
US crude below $57 ahead of EIA inventory report

US crude carried on its losses in American trade, trading below $57 even as initial data showed US stock fell to two-year lows, while traders now await the official EIA report later today, expected to show US output hit fresh record highs. 

 

As of 13:25 GMT, US crude fell to $56.85 a barrel from the opening of $57.45, with an intraday high at $57.55, and a low at $56.71. 

 

In initial data, the American Petroleum Institute reported a drop of 5.5 million barrels in crude inventories in the week ending December 1, passing expectations of a 3.5M drawdown. 

 

Total stocks have now fallen to 479.2 million barrels according to this data, the lowest since October 23, 2015, in a strong sign for US demand. 

 

Now traders await the official EIA report, expected to show a drop of 3.2 million barrels, the third in a row. 

 

As for US output, it rose by 20 thousand bpd last week, the sixth weekly increase in a row, to a total of 9.68 million barrels, a new record high. 

 
 
 
  Symbol Last Change Chg.%
1.1748
0.0117
1.0051%
1.3079
0.0010
0.0727%
14.296
0.229
1.624%
70.832
1.845
2.674%
78.76
0.06
0.08%
1199.070
5.295
0.444%
 
 
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