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Tips Femeninos | Oil Price Rally Reverses As Inventories Balloon

By Julianne Geiger for Oilprice.com

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Marine • 2 days 47.16 -0.19 -0.40% Murban • 2 days 47.67 -0.31 -0.65% Iran Heavy • 2 days 45.00 -0.81 -1.77% Basra Light • 2 days 50.22 -0.64 -1.26% Saharan Blend • 2 days 47.05 -0.53 -1.11% Bonny Light • 2 days 47.50 -0.72 -1.49% Bonny Light • 2 days 47.50 -0.72 -1.49% Girassol • 2 days 48.73 -0.89 -1.79% Opec Basket • 5 days 46.79 +0.13 +0.28% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 9 days 33.00 -0.04 -0.12% Western Canadian Select • 15 hours 34.84 -0.19 -0.54% Canadian Condensate • 15 hours 44.34 -0.19 -0.43% Premium Synthetic • 15 hours 45.74 -0.19 -0.41% Sweet Crude • 15 hours 40.09 -0.19 -0.47% Peace Sour • 15 hours 38.34 -0.19 -0.49% Peace Sour • 15 hours 38.34 -0.19 -0.49% Light Sour Blend • 15 hours 40.34 -0.19 -0.47% Syncrude Sweet Premium • 15 hours 40.94 -0.19 -0.46% Central Alberta • 15 hours 38.34 -0.19 -0.49% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Louisiana Light • 8 days 46.11 +1.80 +4.06% Domestic Swt. @ Cushing • 2 days 41.75 -0.25 -0.60% Giddings • 2 days 35.50 -0.25 -0.70% ANS West Coast • 8 days 47.02 +1.74 +3.84% West Texas Sour • 2 days 39.29 -0.19 -0.48% Eagle Ford • 2 days 43.24 -0.19 -0.44% Eagle Ford • 2 days 43.24 -0.19 -0.44% Oklahoma Sweet • 2 days 41.75 -0.25 -0.60% Kansas Common • 5 days 35.75 -0.25 -0.69% Buena Vista • 5 days 49.27 -0.18 -0.36% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Share Facebook Twitter Google + Linkedin Reddit Related News The World’s First Trial Of Green Hydrogen Heating Britain Bets Big On Battery Storage Gold Set For Its Worst Month In 4 Years Goldman Sachs Sees Oil Hit $65 In 2021 Saudi Arabia Expected To Increase Oil Prices To Asia Oil Price Rally Reverses As Inventories Balloon By Julianne Geiger – Dec 01, 2020, 3:38 PM CST The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 4.146 million barrels for the week ending November 27.

Analysts had predicted an inventory draw of 2.358 million barrels for the week.

In the previous week, the API reported a build in oil inventories of 3.8-million barrels , after analysts had predicted a much smaller build of just 127,000 barrels.

Oil prices were trading down on Tuesday afternoon before the API‘s data release despite daily news of Covid-19 vaccine progress, after OPEC on Monday ended its meeting without a resolution on its production plans for 2021, and delayed a meeting set for Tuesday until later in the week to allow more time for deliberations of the sticky subject. OPEC finds itself in a precarious situation again—and make no mistake, it is imperative for the group to hold the group together and present a united front for whatever plan it hatches. The oil price fall on Tuesday is a small preview into what will happen to prices should the deal fail.

In the runup to Tuesday‘s data release, at 2:48 p.m. EDT, WTI had fallen by $0.80 (-1.76%) to $44.54, down roughly $0.30 per barrel on the week. The Brent crude benchmark had fallen on the day by $0.49 at that time (-1.02%) to $47.39—up about $0.40 per barrel on the week.

U.S. oil production was up for the week ending November 20, at 11.0 million bpd, according to the Energy Information Administration—2.1 million bpd lower than the all-time high of 13.1 million bpd reached in March.

The API reported a build in gasoline inventories of 3.402 million barrels of gasoline for the week ending November 27—compared to the previous week’s 1.3-million-barrel build. Analysts had expected a 2.386-million-barrel build for the week.

Distillate inventories were up by 334,000 barrels for the week, compared to last week’s 1.8-million-barrel draw, while Cushing inventories fell by 132,000 barrels.

At 4:33 p.m. EDT, the WTI benchmark was trading at $44.56, while Brent crude was trading at $47.36.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Why China Can’t Quit Coal The Secret Weapon That Will Save Oil & Gas Pipeline Operators Billions Can Big Oil Make Carbon Capture Mainstream?

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