“2016 was a dramatic oil year,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. “2016 started very bearishly and ended very bullishly. 2017 is likely to be the opposite, but not quite as dramatic.” Brent for March settlement dropped 9 cents to $56.76 barrel on the London-based ICE Futures Europe exchange as of 11:24 a.m. local time. The February contract expired Thursday after losing 8 cents to $56.14. Total volume traded was about 63 percent below the 100-day average. West Texas Intermediate for February delivery was up 5 cents to $53.82 a barrel on the New York Mercantile Exchange. The contract fell 29 cents to $53.77 on Thursday. Prices are up 45 percent this year. click Read More below for more of the story
U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels C-STK-T-EIA in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.
Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak U.S. peak fuel consumption season this summer.
Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA data showed.
“Gasoline and distillates inventories both rose substantially. The U.S. summer driving season has proven to be a lacklustre one in terms of gasoline demand,” said O’Loughlin.
more detail at source: https://www.reuters.com/article/global-oil/oil-prices-climb-as-u-s-crude-inventories-drop-idUSL3N1VT07S