Inventories of US oil fell for the third straight week but stocks at a key delivery hub climbed more than expected.
Stockpiles of US crude declined by 2.4m barrels in the week ended December 2 and at 485.8m barrels are at the upper limit of the average range for this time of the year, according to the Energy Information Administration. Analysts had forecast a draw of 1.4m barrels.
Inventories at Cushing, Oklahoma, a key delivery hub, rose by 3.8m barrels, climbing for the second straight week. That exceeded expectations for a build of 2.9m barrels.
Meanwhile, gasoline inventories climbed by 3.4m barrels, compared with estimates for a build of 1.6m barrels.
Ahead of the release, West Texas Intermediate, the US oil marker, was down 1.1 per cent to $50.35 a barrel, while Brent crude, the global oil benchmark, declined 0.7 per cent to $53.56 a barrel.
Oil was down for a second straight day as the Opec rally that pushed crude prices to their highest level in more than a year — after the oil cartel agreed last week to its first supply cut in eight years — came to an end.
A supply glut has seen crude prices fall more than 50 per cent since mid-2014 when the downturn began. Opec agreed to cut 1.2m barrels a day next year in an effort to bolster prices and investors are now watching the 13-member group’s meeting with non-Opec members in Vienna on Saturday.
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