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13-Dec2018

Crude oil futures settle lower as US crude supplies post smaller-than-expected decline

Crude oil futures ended marginally lower on Wednesday after US government data showed domestic crude supplies declined for a second week in a row, but by much less than the market expected. The Energy Information Administration (EIA) reported that US crude supplies fell by 1.2 million barrels for the week ended December 7. Supplies had also declined the week before, marking the first weekly decline in 11 weeks. However, market participates, on average, expected to see a larger decline of 2.8 million barrels in crude supplies.

Benchmark crude oil futures for January dropped 50 cents or 1percent to settle $51.15 a barrel on the New York Mercantile Exchange. February Brent crude lost 5 cents or less than 0.1percent to settle at $60.15 a barrel on London's Intercontinental Exchange.


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