January WTI (West Texas Intermediate) crude oil futures trading on NYMEX fell for the fourth consecutive day in yesterday’s trade. Prices fell by 0.93% to $37.16 per barrel. Crude oil prices fell due to panic selling despite the fall in US crude oil inventory. The United States Oil ETF (USO) and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) mirrored crude oil prices in yesterday’s trade. These ETFs fell by 1% and 1.9%, respectively. The EIA (U.S. Energy Information Administration) published its weekly crude oil inventory report yesterday. The government data estimated that US crude oil inventory fell by 3.6 MMbbls (million barrels) for the week ending December 4. Likewise, the API (American Petroleum Institute) reported that crude oil inventory fell by 1.9 MMbbls for the same period. Market surveys from Platts projected that crude oil inventory would fall by 1.2 MMbbls during the week.
American Dollar to Canadian Dollar = 0.761768;
American Dollar to Chinese Yuan = 0.155712;
American Dollar to Euro = 1.159478;
American Dollar to Japanese Yen = 0.009032;
American Dollar to Mexican Peso = 0.048153.