Yesterday, the American Petroleum Institute reported a larger than expected drop in crude oil inventories, representing the fifth drop since mid-November. Crude oil prices have been rising as a result and Brent Futures contracts spiked over $58 per barrel on Tuesday 3rd January as early signs suggest major oil exporters will stick to honour the deal to cut supply. The historic OPEC deal resulted in members collectively agreeing to reduce oil output by 1.2 million barrels per day.
Crude Oil Inventories
Today 16:00 GMT
- Crude oil inventories are forecast to pullback by 1.8 million barrels for the week ending 30th December, after rising by 600,000 barrels in the previous week.
- Inventories were erratic in December after a 4-week period of consecutive drawdowns, subsequently rising for the week ending the 16th
- December has so far seen an average rise of 100,000 barrels per week.
- Brent Future Contracts rose by 3% for the week ending 30th
- The American Petroleum Institute (API) report showed a drawdown of 7.43 million barrels in oil inventories for the week ending 30th