US crude stockpiles drop as oil prices dive

US crude stockpiles drop as oil prices dive

Mubasher: US crude oil inventories dropped by 7.3 million barrels to 443.2 million barrels in the week ended 30 November, official data by the Energy Information Administration (EIA) showed.

Total motor gasoline stockpiles rose by 1.7 million barrels, while distillate fuel inventories by climbed 3.8 million barrels.

US crude refinery runs reached an average 17.5 million barrels per day (bpd) during the week, 66,000 bpd less than the prior week’s average, as refineries operated at 95.5% of their operating capacity last week.

US crude imports fell 943,000 to an average of 7.2 million bpd for the same week, compared to the previous week, the EIA said.     

Following the release of the EIA report, US Nymex crude futures dropped 4.10% to $50.72 per barrel (pb), while global benchmark Brent futures fell 3.40% to $59.47 pb.