US oil inventories fell by 5.8 million barrels

U.S. crude oil inventories fell by about 5.8 million barrels in the week ending Nov. 11, according to market sources citing data from the American Petroleum Institute.

In its weekly report, the American Institute said gasoline inventories increased by 1.7 million barrels and distillate inventories increased by 850,000 barrels.

Official US inventory data from the Energy Information Administration is expected at 10:30am EST (3:30pm GMT).

Oil prices fell on Wednesday as cases of ‘Covid-19’ continued to rise in China, which raised fears of lower fuel demand in the world’s largest crude importer, which outweighed concerns over escalating geopolitical tension and dwindling oil supplies. .

THE future crude oil fell 60 cents, or 0.6%, to $93.26 a barrel by 05:01 GMT, while future West Texas Intermediate crude fell 69 cents, or 0.8%, to $86.23 a barrel.

In the US, producer prices rose less than expected in October, indicating that inflation is starting to ease, which could allow the Federal Reserve to slow the pace of interest rate hikes.

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