Crude oil futures fall Rs 13 per barrel on Asian cues

World oil prices up

Futures price for WTI crude oil for January in electronic trading on the NY Mercantile exchange (NYMEX) has increased by this time to $0,19 (0,34%) to $56,15 per barrel.

EIA data, once it's released, will help determine the direction for crude oil prices for the rest of the trading day and into Thursday morning.

As reported on Wednesday, the U.S. Department of energy, the oil reserves in the country last week decreased by 5.61 million barrels.

West Texas Intermediate for January delivery was at $57.42 a barrel on the New York Mercantile Exchange, down 20 cents, at 7:45 a.m.in London. It marks the lowest close for the benchmark since November 16 and the biggest one-day decline for WTI since October 6.

Market surveys expected that U.S. gasoline inventories would have risen by 1,741,000 barrels on November 24-December 1, 2017.

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USA crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data. "Gasoline futures have clearly broken technical support levels and ULSD (diesel) futures are testing them", said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington. USA gasoline futures fell 3.3% to $1.66 per gallon on the same day.

Adding to this was another rise in USA oil production C-OUT-T-EIA, which climbed by 25,000 barrels per day (bpd) to 9.71 million bpd, the highest since monthly figures showing the United States produced more than 10 million bpd in the early 1970s.

Meanwhile, analysts said investors tended to take profit after oil prices posted solid gains in the previous session.

Russian Oil Minister Alexander Novak said it was too early to talk about exiting the OPEC agreement, and that the process would be gradual. The experts surveyed now expect Brent Crude to average $58.84 a barrel next year, compared to a forecast of $55.71 per barrel for 2018 in the previous Reuters poll conducted at the end of October. "There's only going to be more production coming which is very problematic for OPEC non-OPEC deal adherence", said John Kilduff, partner at Again Capital in NY.

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