Bigger-Than-Expected Drop in US Crude Stockpiles Stokes Price Rise

Crude oil futures up 1 pc on global cues

Data released Wednesday by the U.S. Energy Information Administration revealed U.S. commercial crude inventories dropped by 3.4 million barrels, versus expectations for a 2.3-million-barrel drawdown.

Meanwhile, with a 65 cents rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $60.94 per barrel in the mentioned week.

Most of the adjustments came from the long side of the market, where portfolio managers reduced the number of long positions in Brent, WTI and gasoline in a sign of profit-taking after a strong price rally.

Oil prices were down heading into today's data and heading into this week's meeting, with WTI down $.015 (-0.26 percent) at $57.96 at 2:00pm EST, and Brent crude down $0.19 (-0.30 percent) at $63.19.

Argentine navy calls off search for survivors from missing submarine
More than a dozen countries are still searching for the submarine which went missing on the South Atlantic on a patrol. Navy spokesperson Enrique Balbi said the mission had "extended for more than twice what is estimated for a rescue".

Marketmen said trading sentiment dampened after oil prices eased in global market, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.

Brent crude futures were up 35 cents on the day at $63.96 USA a barrel late morning Wednesday, while US light crude rose 23 cents to $58.22 US a barrel.

The committee will grapple with rising US production, which hit 9.68 million barrels per day (bpd) in the most recent week, a new weekly record. "This, in combination with lower imports to the Midwest-due to the Keystone pipeline outage-and lower waterborne imports has encouraged a decent draw to crude stocks". "So, bottom line, rising USA oil production is a lose-lose for oil prices".

Gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in an economist poll for a 1.2-million-barrel gain. The S&P Global Platts survey forecast a supply rise of 1.1 million barrels for gasoline and an increase of 160,000 barrels for distillates.

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