Oil sags after American crude hits near two-year maximum on pipeline shutdown

Oil sags after American crude hits near two-year maximum on pipeline shutdown

On Thursday, crude went down, with American crude drifting away from two-year maximums hit yesterday, although the shutdown of the Keystone pipeline as well as a drawdown in fuel inventories kept driving markets notwithstanding concerns over rising output.

American West Texas Intermediate crude futures hit $57.89 a barrel, sliding 0.2% from their previous settlement, although still close to 2015-maximums of $58.15 a barrel hit on Wednesday.

As for Brent crude futures, they reached $63.14 per barrel losing 0.3%.

Lower supplies into America from the north as well as firm exports from the south will probably back a further reduction in American inventories, as some financial experts state.

In the USA, crude inventories went down 1.9 million barrels by November 17, hitting 457.14 million barrels. Stocks have declined by 15% from their records in March, staying below the previous year’s readings.

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