HOUSTON, Nov 10 (NNN-AGENCIES) – The American Petroleum Institute (API) yesterday reported a decrease of 2.485 million barrels of crude oil in U.S. inventories, for the week ending Nov 5. Analysts had expected an increase of about 1.9 million barrels for the week.
The API reported a surge of 3.594 million barrels in the previous week. Oil prices climbed noticeably yesterday, as traders were awaiting data on U.S. crude stockpiles.
The West Texas Intermediate for Dec delivery added 2.22 U.S. dollars, or 2.7 percent, to settle at 84.15 dollars a barrel on the New York Mercantile Exchange. Brent crude for Jan delivery increased 1.35 dollars, or 1.6 percent, to close at 84.78 dollars a barrel, on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA), is set to release its weekly petroleum status report today. Analysts surveyed by S&P Global Platts, forecast the EIA publications to show a rise of one million barrel for the week ending Nov 5.
In its monthly report released yesterday, the EIA said it estimated that “world crude oil consumption has exceeded crude oil production for five consecutive quarters, going back to the third quarter of 2020.”
“We forecast global crude oil demand will exceed global supply through the end of the year,” the EIA said in the report, adding, it projected global oil stocks would begin building in 2022, “driven by rising production from OPEC+ and the United States, along with slowing growth in global oil demand.”– NNN-AGENCIES
