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Oil prices drop amid mixed US inventory data

24/11/2022 11:55 AM

NEW YORK, Nov 24 (Bernama) -- Oil prices fell noticeably on Wednesday as traders digested the newly released US fuel inventory data, reported Xinhua.

The West Texas Intermediate for January delivery decreased US$3.01, or 3.7 per cent, to settle at U$77.94 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost US$2.95, or 3.3 per cent, to close at US$85.41 a barrel on the London ICE Futures Exchange.

The above moves came after the US fuel stockpiles data painted a mixed picture.

The US Energy Information Administration (EIA) reported Wednesday that the nation's commercial crude oil inventories decreased by 3.7 million barrels during the week ending Nov 18, while gasoline stocks rose by 3.1 million barrels.

 Analysts polled by The Wall Street Journal had forecast a fall of 800,000 barrels in crude supplies and a drop of 200,000 barrels in gasoline supplies.

Oil prices found some support after the Federal Reserve's latest meeting minutes showed most policymakers favoured a slower tightening pace soon.

US markets are closed Thursday for the Thanksgiving holiday. 


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