The Sunday Mail
THE American Petroleum Institute (API) on Tuesday reported a decrease of 7,85 million barrels of crude oil in US inventories for the week ending November 25.
Analysts expected a drop of 2,487 million barrels for this week.
The API reported a decline of 4,.819 million barrels in the previous week.
Oil prices closed mixed on Tuesday as market participants awaited a key meeting by major producers.
The West Texas Intermediate for January delivery added 96 US cents, or 1,24 percent, to settle at US$78,2 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 16 cents, or 0,19 percent, to settle at US$83,03 a barrel on the London ICE Futures Exchange.
The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will meet on December 4.
In October, the oil alliance agreed to reduce its output target by 2 million barrels per day from November to shore up prices.
Oil prices have been under pressure recently amid worries over ebbing demand as the global economy slows. – Xinhua
