World oil prices continue to decline in the course of trading on Wednesday on data on unexpected increase of commodity stocks of fuel in the U.S.
Meanwhile, U.S. production continues to hit records on a weekly basis, rising to 9.68 million barrels per day (MMBPD) for the week ended November 24.
Analysts on average forecast a decrease in oil reserves by 3 million barrels, as well as an increase in distillate stocks by only 160,000 barrels.
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Inventories at the closely watched Cushing, Oklahoma delivery hub fell by 2.9 million barrels to 58.3 million barrels last week, its biggest weekly draw since Sept 2009.
"The headline crude oil drawdown was supportive, but it was a function of the Keystone pipeline outage, which impacted Cushing inventories", said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.
January Brent, the front-month contract which expires at Thursday's settlement, fell 50 cents, or 0.8%, to end at $63.11 a barrel on ICE Futures Europe. The American Petroleum Institute on Tuesday (http://www.marketwatch.com/story/oil-prices-fall-as-sources-say-api-data-show-a-weekly-rise-in-us-crude-supplies-2017-11-28) had reported an increase of 1.8 million barrels, according to sources.
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Stocks of gasoline and distillates rose more than anticipated.
Oil prices slipped in Asian trade yesterday amid uncertainty over a possible extension of output cuts by major crude producers and expectations of higher supply as the Keystone pipeline restarts.
"The rise in refined product inventories more than offsets the crude oil inventory drop, and there was a notable, if not spectacular, drop in implied gasoline demand on the week", said Kilduff. Refinery utilization rates rose by 1.3 percentage points.
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