By Srinivas Chowdary Sunkara // petrobazaar // 13-12-2017.
Crude oil prices stabilised and have fallen after a rally on Forties pipeline outage. Inventory numbers supported the oil prices during the early trading.
American Petroleum Institute reported an hefty fall of 7.382Mb in U.S crude inventories against the estimated smaller draw down of 3.759Mb during the week ending with 8th Dec. In the last report API reported a large draw of 5.481Mb of crude oil, but had offset by product build up. This week, API reported another moderate build up of gasoline inventories with 2.334 Mb for the week ending December 8th.
OPEC claimed that the re balancing is nearby and efforts to shrink the oil glut is on the way. Forties pipeline, which carries 450,000 barrels per day of Nortsea crude is the factor that under pin the dated Brent benchmark.
WTI and Brent Today
The U.S crude oil futures WTI grade lost 12 cents with 0.21% at $57.02 per barrel on Nymex while Brent futures slid 31 cents with 0.489% downward change at $63.03 a barrel on London based ICE futures Europe exchange at the time of report by IST 0:27p.m