Oil News

U.S. crude oil inventories fell more than expected as imports declined while distillates saw a larger than forecast draw on lower refinery output and cold weather boosted demand, government data showed on Wednesday.

Crude oil inventories plummet as refineries lowered out-put

U.S. crude oil inventories fell more than expected as imports declined while distillates saw a larger than forecast draw on lower refinery output and cold weather boosted demand, government data showed on Wednesday. “The best news here in terms of market stabilization is the big draw in distillates,” said Brad Samples, analyst at Summit Energy, adding that refiners are finally succeeding at their efforts to reduce distillate yields. The American Petroleum Institute (API) industry group on Tuesday reported that U.S. crude oil stockpiles posted a surprise gain of 924,000 barrels last Week. Crude Oil is trading at $74.74 as of 21:23pm, GMT, with a bullish trend. Crude’s Pool-position is 83%, meaning that most Finotec clients are buying the commodity.