Oil rises over 1% on threatened Nigeria strike, short covering

Oil rises over 1% on threatened Nigeria strike, short covering

Oil rises over 1% on threatened Nigeria strike, short covering

The oil prices were trading higher after a sluggish and a lackluster performance on the previous trading session.

Meanwhile, gasoline inventories in the US rose sharply for the week of 6.78 million barrels, while experts expected increase of 2.7 million barrels.

"If they do adhere, that will keep the oil price elevated". The motor fuel inventories were also rising and were also pulling the prices up after succeeding lackluster performance. "There is a general theme of selling back things that have recently been outperforming, tech being the obvious one.so if you are looking across the asset spectrum and looking to sell things that have done well, then oil fits into that category". West Texas Intermediate, the U.S. benchmark for the price of oil, was down 1.1 per cent to $56.95 per barrel.

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The price for Brent crude oil was down 0.94 per cent from the previous close to trade at $62.27 per barrel as of 9:15 a.m. EST.

On the other hand, the Brent crude futures were also up by incredible amounts; the worldwide benchmark for oil prices was tallied to be at $61.28 a barrel, climbing a total of 6 cents after its bearish run yesterday.

U.S. West Texas Intermediate crude futures settled down $1.66, or 2.9 percent, to $55.96 a barrel.

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Meanwhile, the Brent deliveries for February managed to steady today, adding a total of 3 cents to $61.25 on the London-based ICE Futures Europe exchange after drastically shedding a total of 2.6% yesterday.

Traders said prices fell after an American Petroleum Institute report on Tuesday showed a 9.2-million-barrel rise in gasoline stocks in the week ended December 1 and an increase of 4.3 million barrels in distillate inventories, which include motor diesel and heating oil. Analysts such as Goldman Sachs have said that the expected rise in demand in 2018 would mostly be offset by USA and Canadian supply growth.

Adding to this was another rise in US oil production C-OUT-T-EIA, which climbed by 25,000 barrels per day (bpd) to 9.71 million bpd, the highest since monthly figures showing the United States produced more than 10 million bpd in the early 1970s.

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