Article by ForexTime
Crude oil prices edged lower on Thursday hampered by thin liquidity due to the U.S. Thanks Giving day holiday. Prices were under pressure following the EIA inventory report Wednesday but received a boost after Baker Hughes (the large oil service giant) released its report that showed that the rig count dropped by 9 in the latest week.
According to the Energy Information Administration, U.S. crude oil imports averaged over 7.3 million barrels per day last week, up by 365,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 7.2 million barrels per day, 0.1% below the same four-week period last year.
U.S. commercial crude oil inventories increased by 1.0 million barrels from the previous week. Total gasoline inventories increased by 2.5 million barrels last week, and are well above the upper limit of the average range. Distillate fuel inventories increased by 1.0 million barrels last week and are in the upper half of the average range for this time of year.
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