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Crude falls on U.S. gasoline, diesel stockpile reports

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Investing.com - Oil prices took fell on Wednesday after official U.S. data revealed gasoline and diesel inventories rose more than expected despite a drop in crude stockpiles.

On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD97.64 a barrel during U.S. trading, down 0.88%.

The commodity hit a session low of USD97.63 and a high of USD98.75. The January contract settled up 1.20% at USD98.51 a barrel on Tuesday.

Oil futures were likely to find support at USD97.11 a barrel, Monday's low, and resistance at USD98.75 a barrel, Tuesday's high.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 10.59 million barrels in the week ended Dec. 6, well beyond expectations for a decline of 2.95 million barrels, due in part to a drop in imports.

Total U.S. crude oil inventories stood at 375.2 million barrels as of last week.

The report also showed that total motor gasoline inventories increased by 6.72 million barrels, compared to expectations for a gain of 1.79 million barrels, which sent crude futures falling.

Stockpiles of distillate, which include diesel and heating oil, rose by 4.54 million barrels compared to market calls for a gain of 937,000.

The hike in supply of refined fuels offset the otherwise bullish crude numbers and sent the commodity falling on Wednesday.

Meanwhile on the ICE Futures Exchange, Brent oil futures for January delivery were down 0.17% at USD109.20 a barrel, up USD11.56 from its U.S. counterpart.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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