Analyzing US Gasoline Inventories and Demand

"If you extend the production-cut agreement through the end of 2018, that surplus will basically erode away, which will be a good thing for oil prices in the long-term", Rob Thummel, managing director at Tortoise Capital Advisors LLC, which handles $16 billion in energy-related assets, said in a Bloomberg Television interview.

The Energy Information Administration reported a 5.6-million-barrel draw in crude oil inventories for the week to December 1, largely in line with the American Petroleum Institute's estimate of a 5.481-million-barrel draw that was reported yesterday. So far companies have chosen to hedge at the higher prices rather than drill as they try to return to positive cash flow.

Brent crude, the global benchmark, was down 0.62% at $62.47 a barrel on London's Intercontinental Exchange.

West Texas Intermediate for January delivery was at $57.42 a barrel on the New York Mercantile Exchange, down 20 cents, at 7:45 London. Prices rose 15 cents to $57.62 on Tuesday.

United States gasoline stockpiles built sharply during the latest reference week, resulting in a sharp drop in crude oil inventories.

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New Delhi, Dec 6 Crude oil futures fell by Rs 26 to Rs 3,698 per barrel today as speculators reduced their positions amid a weakening trend overseas. Crude prices have risen more than 20% since September.

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. Over the past 12 months, Exxon stock has traded down about 5.1%.

Distillate inventories increased by 1.7 million barrels last week and remained in the lower half of the average range for this time of year.

The accord was first struck a year ago with the aim of draining the global oil glut and boosting prices.

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