Oil prices drop amid mixed U.S. inventory data

Nov 24, 2022

New York [US], November 24:Oil prices fell noticeably on Wednesday as traders digested the newly released U.S. fuel inventory data.
The West Texas Intermediate for January delivery decreased 3.01 U.S. dollars, or 3.7 percent, to settle at 77.94 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 2.95 dollars, or 3.3 percent, to close at 85.41 dollars a barrel on the London ICE Futures Exchange.
The above moves came after the U.S. fuel stockpiles data painted a mixed picture.
The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's commercial crude oil inventories decreased by 3.7 million barrels during the week ending Nov. 18, while gasoline stocks rose by 3.1 million barrels.
Analysts polled by The Wall Street Journal had forecast a fall of 800,000 barrels in crude supplies and a drop of 200,000 barrels in gasoline supplies.
Oil prices found some support after the Federal Reserve's latest meeting minutes showed most policymakers favored slower tightening pace soon.
U.S. markets are closed Thursday for the Thanksgiving holiday.
Source: Xinhua

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