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Crude Oil Prices Fall On U.S. Supply, Production Shockers | Investor's Business Daily



Brent crude oil prices retreated from the $ 70 level as U.S. crude stockpiles swelled far above estimates and production hit to new high. Exxon Mobil (XOM) and other oil stocks fell




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U.S. crude inventories rose by 7.2 million barrels in the latest week, the Energy Information Administration reported at 10:30 am ONE. Gasoline stockpiles fell by 1.8 million barrels

Analysts polled by S&P Global Platforms expected the EIA to report a 100,000-barrel drop in crude stockpiles, with gasoline down by 2.6 million barrels. However, the American Petroleum Institute, an industry group, said late Tuesday that U.S. crude oil inventories rose by 3 million barrels last week

U.S. crude oil production increased to 12.2 million barrels per day

Crude Oil Prices

US. crude oil prices dipped 0.2% to settle at $ 62.46 per barrel. This is the end of November on Tuesday. Brent crude oil prices fell 6 cents to $ 69.31 after earlier hitting $ 69.96, the highest since Nov. 12. Crude futures are up sharply in 2019.

A Reuters report out Monday found that OPEC production hit a four-year low last month as Saudi Arabia's production cuts were deeper than mandated and Venezuela's output plunges on political unrest.

Energy Stocks

Exxon Mobil (XOM) shares fell 0.6% on the stock market today. Chevron (CVX) dipped 0.8%. Top shale producers EOG Resources (EOG) and Pioneer Natural Resources (PXD) fell 2.2% and 1.4% respectively.

Energy Select Sector SPDR Fund (XLE) ETF dropped%. iShares U.S. Energy ETF (IYE) lost 1.1%

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