However, gasoline and distillate stocks rose more than anticipated last week, according to the EIA.
This was the largest weekly draw at Cushing since September 2009, and analysts attributed the decline to the shutdown of the Keystone crude pipeline on November 16 after a leak of 5,000 barrels of oil in South Dakota. EIA data showed distillate stockpiles, which include diesel and heating oil, jumped by 2.7 million barrels, versus expectations for a 230,000-barrel increase.
Marketmen said trading sentiment dampened after oil prices eased in global market, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.
USA crude imports fell last week by 365,000 barrels per day. Brent crude rose 31 cents to $63.92 a barrel.
At this point, I suspect that the market has already made up its mind that it is going to go higher, and therefore I feel that the 1.30 level is probably somewhat a given at this point.
Brent crude futures were up 35 cents on the day at $63.96 USA a barrel late morning Wednesday, while US light crude rose 23 cents to $58.22 USA a barrel. Visit MarketWatch.com for more information on this news.
USA crude imports fell last week by 365,000 bpd.