Please try another search
Crude prices jumped on Thursday in Asia as the American Petroleum Institute (API) reported a larger-than-expected gain in stocks.
On the New York Mercantile Exchange, crude oil for February delivery jumped 2.01 percent to $53.83 a barrel, while global benchmark Brent crude was up 1.89% to $56.52 a barrel on London's Intercontinental Exchange.
API said crude oil inventories last week dropped 7.4 million barrels, compared to a 1.7 million barrels decline seen.
The estimates followed last week’s build of 4.20 million barrels that was the fifth draw in the last seven weeks. More closely-watched official figures from the U.S. Department of Energy are due on Thursday.
Gasoline supplies rose 4.3 million barrels, while distillate stocks jumped 5.2 million barrels and supplies at Cushing, Oklahoma rose by 500,000 barrels.
Elsehwere in the oil market, the focus remains on a strong dollar and an OPEC committee meeting Jan. 21-22 in Vienna to monitor compliance with an agreement along with non-OPEC members to trim nearly 1.8 million barrels per day (bpd) from global markets.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.