US crude exports hit a new record high last week while crude stockpiles registered a bigger-than-expected draw knocking some of the momentum in crude prices.
During the week ending October 27, US crude exports hit 2.1m barrels, their highest ever, according to data released by the US Energy Information Administration on Wednesday. US crude inventories, meanwhile, fell by 2.4m barrels, steeper than the 1.75m barrel draw expected by analysts surveyed by Thomson Reuters.
Gasoline stockpiles, forecast to fall 1.5m barrels, dropped 4m barrels, while distillate inventories dropped by just 300,000 m barrels, less than the expected 2.1m draw.
Both West Texas Intermediate, the US standard, and Brent, the international benchmark, had been trading 1 per cent higher prior to the data’s release, as sentiment was bolstered by recent remarks from Russian and Opec officials signalling support for an extension to supply cuts by global producers.
After the US data, oil gave up some of those gains, leaving a barrel of WTI at $54.70 and Brent at $61.33.
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