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
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.
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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