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07 December 2017, 01:06 | Jan Cross
Oil prices edge up amid strong demand
West Texas Intermediate for January delivery traded at $57.46 a barrel at 4:43 p.m. after settling at $57.62 a barrel on the New York Mercantile Exchange.
Traders said prices fell after an American Petroleum Institute (API) report late on Tuesday that showed a 9.2 million barrel rise in gasoline stocks in the week ended December 1, and an increase of 4.3 million barrels in distillate inventories, which include motor diesel and heating oil.
The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell (http://www.marketwatch.com/story/eia-reports-a-fall-in-us-crude-supply-but-gasoline-stocks-rise-more-than-expected-2017-12-06) 5.6 million barrels for the week ended December 1.
But the report showed that product inventories increased, with gasoline up 6.8 million barrels to 220.9 million, 3.8 percent below last year's level, and distillates up 1.7 million barrels to 129.4 million, a year-on-year decline of 17.4 percent.
However, gasoline stocks rose 6.8 million bbl, more than triple expectations. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed.
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Oil prices fell on Wednesday after a surprise rise in United States inventories of refined products in what the market interpreted as a sign of flagging demand. The S&P Global Platts survey forecast a supply rise of 2.7 million barrels for gasoline and an increase of 1.5 million barrels for distillates. Inventories were at their lowest since October 2015. It marks the lowest close for the benchmark since November 16 and the biggest one-day decline for WTI since October 6.
US crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s.
The Organization of the Petroleum Exporting Countries and its allies, including non-OPEC Russia, agreed last week to extend a deal to hold down crude output (http://www.marketwatch.com/story/heres-what-opecs-extended-oil-production-cuts-mean-for-the-market-2017-11-30) by almost 2% through the end of next year.
"With U.S. production, we're still in the throes of seeing that go ever higher".
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