Oil Prices Higher Supported by U.S. Oil Inventory Data
December 12 2017 - 10:38PM
Dow Jones News
By Lucy Craymer
--Oil prices are higher in Asian trading Wednesday are paring
overnight losses as a fall in U.S. oil inventories provides some
support. The market is expected to remain volatile as concerns
remain around when a major pipeline in Europe will come back
online.
--January light, sweet crude on the New York Mercantile Exchange
was recently up 0.7% at $57.53 a barrel in the Globex trading
session. February Brent rose 0.9% to $63.93.
--The American Petroleum Institute, an industry group, said late
Tuesday that its own data for the week showed a 7.4-million-barrel
decrease in crude supplies, a 2.3-million-barrel rise in gasoline
stocks and a 1.5-million-barrel rise in distillate inventories,
according to a market participant.
--Focus remains on the U.S. and the release of the weekly EIA
report. Estimates from 11 analysts and traders surveyed showed U.S.
oil inventories are projected to have decreased by 2.9 million
barrels, on average, in the week ended Dec. 8.
Write to Lucy Craymer at lucy.craymer@wsj.com, @lucy_craymer
(END) Dow Jones Newswires
December 12, 2017 22:23 ET (03:23 GMT)
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