Crude inventories fall, gasoline builds
Published 9:36 am, Wednesday, November 29, 2017
The nation's stockpile of crude oil dipped last week, but that was largely offset by a growing glut of gasoline and other refined products.
The country's commercial crude inventories fell by 3.4 million barrels - a larger dip than anticipated. However, gasoline stocks grew by 3.6 million barrels and inventories for distillate fuel oil, which is used to make diesel and heating oils, rose by 2.7 million barrels.
The mixed news means oil inventories are near two-year lows, but that also includes recent government sales from the Strategic Petroleum Reserve. However, the fuel stocks build even came during a busy Thanksgiving travel week.
U.S. oil prices didn't immediately react strongly to the news with the U.S. benchmark down about 10 cents on the day to less than $58 a barrel.
Most eyes this week are focused on the Organization of the Petroleum Exporting Countries and Russia working to finalize an agreement to extend their oil production cuts through most of 2018.