Crude oil rises on falling US inventories

December 30, 2021 01:26 PM AEDT | By Arpit Verma

Crude oil rises on falling US inventories — Image source: © Designer491 | Megapixl.com

Falling crude inventories

Crude inventories in the US tumbled by 3.6 million barrels in the last week to reach 420 million barrels. At the same time, US gasoline stocks dropped by 1.5 million barrels during the same period to land at 222.66 million barrels whereas, distillate stockpiles fell by 1.7 million barrels to land at 122.43 million barrels.

Furthermore, oil prices have been supported by countries including Nigeria, Libya, and Ecuador declaring force majeures this month due to maintenance issues and shutdown of the oil field.

Source: © Gumpapa | Megapixl.com

Investors are eagerly waiting for an OPEC+ meeting scheduled on 4 January where the group will decide whether to go ahead with the planned production increase of 400,000 barrels per day in February.

Bottom Line

Crude oil prices rose to a record high level on Wednesday after government data showed that US crude and fuel inventories tumbled in the last week.

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