Crude rallies as American crude stocks dive

Crude rallies as American crude stocks dive

On Thursday, crude tacked on after a data report disclosed a soar in American crude inventories, although ascending gasoline stocks along with crude output weighed on the market.

American West Texas Intermediate crude futures hit $56.18 a barrel, gaining 0.4% from their previous settlement.

Brent crude futures reached $61.49 a barrel, gaining 0.44%.

Market participants told that the higher prices emerged because American crude inventories dived by 5.6 million barrels by December 1, hitting 448.1 million barrels , thus putting stocks below seasonal levels of 2015 and 2016.

Aside from that crude prices were also underpinned by a big sell-off in late American trading.

According to the report from the US Energy Information Administration, gasoline stocks added up to 6.8 million barrels, reaching 220.9 million barrels, surpassing expectations in a Reuters survey for a jump of 1.7 million barrels.

 

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