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Oil Prices Ends Day and Week Higher as EIA Report Shows Bigger-Than-Expected Crude Drop


Saturday, 28 December 2019 03:58 WIB

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Crude oil prices edged higher Friday and finished a holiday-shortened week near a three-month peak, after a report showed a bigger-than-expected decline in U.S. stores of crude and its byproducts.

The Energy Information Administration reported that U.S. crude supplies fell by 5.467 million barrels for the week ended Dec. 20. Analysts polled by S&P Global Platts had forecast a decrease of 3 million barrels, although the less closely followed American Petroleum Institute report showed a 7.9 million-barrel tumble late Tuesday, according to sources.

EIA data also showed supply increases of 1.963 million barrels for gasoline stocks and a decline of roughly 152,000 barrels for distillates.

U.S. energy reports were delayed this week due to the Christmas holiday.

West Texas Intermediate crude for February delivery, the U.S. benchmark grade, rose 4 cents, or less than 0.1%, to end at $61.72 a barrel in up-and-down trade on the New York Mercantile Exchange. The slight gains, however, helped the most-active contract hold around its highest price since Sept. 16, according to Dow Jones Market Data, with a weekly gain of about 2.1%.

February Brent crude, meanwhile, added 24 cents, or 0.4%, at $68.16 a barrel on ICE Futures Europe, following a 1.1% gain in the prior session. That contract expires on Dec. 30. The March contract, which is currently the most active, added 11 cents, or 0.2%, at $66.87 a barrel. For the week, Brent’s February contract climbed 3.7%, while March Brent rose 2.6% in the week to date.

Source : Market Watch


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