:: Market News --- ID :: 14567
Crude today:Oil prices fall after hefty rise in gasoline stocks
surprise draws after OPEC's decision

By Srinivas Chowdary Sunkara // petrobazaar // 6-12-2017.

Crude oil futures lost above 3% at the time of reporting this article. Oil prices started falling after EIA consensus with API report of 5.5 Mb of crude stocks drawings during the last week. The product data contains the surprise built up in Gasoline stocks by 6.78 Mb against the API's estimated 9.2 million barrels last week. Higher number of gasoline stocks offset the impact of crude stocks on prices which indicate that more crude oil is not required for  product processing immediately. The OPEC's compliance rate in November is increased to 106% from October months numbers.

WTI and Brent price Today

U.S crude futures, West Texas Intermediate (WTI) for january delivery is trading at $56.22 after losing 3.667% a barrel in Nymex while Brent February futures are falling down by 3.436% with $2.19 at $61.54 per barrel on London based ICE futures Europe Exchange by 10:42 p.m IST.