Oil rises on hefty drawdown at USA crude hub

Data released Wednesday showing that US crude output to 9.502 million barrels a day last week weighed on the market.

US crude imports rose last week by 194,000 barrels per day.

Today's inventory report showed U.S. crude stockpiles declined last week by the largest amount recorded since September.

"Data published by the US Energy Information Administration (EIA) highlighted a fall in commercial crude oil inventory by almost 13% from its peak in March". On the flip side, a reading below -100 may signal a downtrend reflecting weak price action.

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The figure released was more than double the decline expected. The demand for oil products supplied during the last four-week period averaged a whopping 21.2 million barrels per day, up by 2.0% over a year ago.

Brent Crude at 51.05, and WTI Crude Oil at 47.74 are trading within the ranges of 49.50-53 and 47-50. They may look to the 50-day or 20-day to get a better grasp of what is going on with the stock in the near-term. The price for Brent, the global benchmark for the price of oil, is down about 4.5 percent from where it started August.

Oil also saw weakness on the SPR news.

"At the rapid attrition rate of the past two months, the USA oil surplus would be gone by mid-December", analysts at Standard Chartered said Wednesday. The office aims to draw down and sell 14 million barrels of oil in order to meet the requirements of bipartisan legislation, most recently enshrined in the 21 Century Cures Act. OPEC in January enacted a measure that aims to ease the supply strains with managed production declines. Funds from that sale will go to the National Institutes of Health, according to the Department of Energy.

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OPEC and a group of non-cartel countries led by Russian Federation have agreed to cut oil production until March next year, in an effort to rebalance the oil market that has been suffering from a global supply glut in recent years.

Brent crude futures moved in and out of negative territory this morning following a 0.8% decline yesterday, a sell-off that was sparked by higher United States production.

Worries, do we have worries.

Libya and Nigeria were exempted from the Organization of the Petroleum Exporting Countries' deal to cut output because their oil industries had been disrupted by civil strife.

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