Oil prices down on U.S. gasoline level shocker

Oil Dips Toward $57 on Signs US Gasoline Stockpiles Expanded

Oil Price Fundamental Daily Forecast – API Reports Massive Gasoline Inventories Build

USA crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data.

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.

Prices have been stubbornly resistant to OPEC's promise to extend the OPEC production cuts to the end of 2018, dropped yesterday as the API reported the surprisingly large gasoline inventory build.

Refinery crude runs rose by 192,000 barrels per day, EIA data showed.

China is the second-largest economy in the world behind the United States and data published late Tuesday by the American Petroleum Institute on gasoline inventories suggested "no one traveled on Thanksgiving", Flynn said.

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Another factor weighing on prices has been a rise in USA oil production, which has climbed by 15% since mid-2016 to 9.68 million barrels per day, close to levels of top producers Russian Federation and Saudi Arabia.

Before the EIA report, benchmark West Texas Intermediate (WTI) crude for January delivery traded down about 1.1% at around $56.83 a barrel, and it inched up to around $56.95 after the report's release but slipped to around $56.77 minutes later. Analysts had expected a draw of 3.507 million barrels.

"Yet should the supply outlook fail to worsen, the odds are that oil prices will hover around current levels until next June", Brennock added. Total volume traded was about 42 percent below the 100-day average. Both WTI and Brent crude benchmarks continued to fall in after-hours trading yesterday, settling at $57.36 and $62.60 respectively around 9:00pm EST.

Exxon Mobil Corp. (NYSE: XOM) traded up less than 0.1%, at $82.90 in a 52-week range of $76.05 to $93.22.

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