The oil prices were trading higher after a sluggish and a lackluster performance on the previous trading session. Oil prices were mostly upbeat on the recent news about the falling U.S. crude inventories buoyed the massive comeback today.
According to recent reports, the on-going oil inventories glut problem has been pulling down the oil prices in the past weeks managed to steady and lowered down today. The motor fuel inventories were also rising and were also pulling the prices up after succeeding lackluster performance. Meanwhile, the recent GOP tax overhauls are also pushing positivity on oil prices according to analysts.
Furthermore, oil prices yesterday were down and stumbled on its worst day for over two months. The likes of West Texas Intermediate futures were down by a massive 2.9% on the single trading session. The galloping gasoline stockpile gains managed to cripple yesterday’s performance.
Today’s Oil Prices
Today, the majority of oil prices managed to steady and climb back incremental figures after having the worst day for over two months yesterday; the West Texas Intermediate or WTI crude futures were relevantly high, settling at $55.92 a barrel.
On the other hand, the Brent crude futures were also up by incredible amounts; the international benchmark for oil prices was tallied to be at $61.28 a barrel, climbing a total of 6 cents after its bearish run yesterday.
Overall futures were steady and were changed by incremental figures after sinking last Wednesday by a whopping2.9%. January deliveries for West Texas Intermediate were at $55.90 a barrel on the New York Mercantile Exchange, down a whopping 1 cent. On the other hand, the total volume traded was tallied to be at 16% above the 100-day average.
Meanwhile, the Brent deliveries for February managed to steady today, adding a total of 3 cents to $61.25 on the London-based ICE Futures Europe exchange after drastically shedding a total of 2.6% yesterday.
U.S. crude oil inventories managed to shed a total of 5.6 million barrels this week to December 1. Tallying a total of 448.1 million barrels; the figures managed to level below the expected seasonal stocks from years 2015 and 2016. Meanwhile, the gasoline stocks were up by a total of 6.8 million barrels, to 220.9 million barrels today according to the U.S. Energy Information Administration.
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