Crude oil futures ended little changed on Wednesday after data from Energy Information Administration (EIA) showed a much smaller than expected decline in crude stockpiles in the U.S. last week.
Slightly fading worries about the outlook for energy demand amid optimism about completion of a phase one U.S.-China trade deal and data from the Federal Reserve that showed a bigger than expected rebound in U.S. industrial production in the month of November also supported oil prices.
West Texas Intermediate crude oil futures for January ended a penny down at $60.93 a barrel.
On Tuesday, WTI crude oil futures for January ended up $0.73 at $60.94 a barrel, extending gains to a fourth successive session, and hitting a three-month closing high.
Data released by EIA showed oil inventories in the U.S. declined by 1.085 million barrels in the week ended December 13.
The data showed gasoline inventories were up by a higher than expected 2.5 million barrels in the week.
Meanwhile, distillate stockpiles were up by 1.5 million barrels last week, compared to expectations for a jump of about 300,000 barrels.
A report released by the American Petroleum Institute (API) late Tuesday said U.S. crude supplies rose by 4.7 million barrels in the week to December 13, against analysts’ expectations for a draw of 1.3 million barrels.
There was a stockpile increase of 5.6 million barrels for gasoline, while distillate stocks grew by 3.7 million barrels, the report from API said.
The material has been provided by InstaForex Company – www.instaforex.com