Crude Oil Prices Rebound Due To OPEC+ Supply Cuts and Oil Stocks Drawdown

December 4, 2019 03:30 PM
Total Crude Oil Inventories decreased by 4.9 million barrels to 447.1
Crude Oil Production was unchanged at 12.9 million barrels per day
Total Crude Exports decreased by 345,000 barrels per day
DOE Crude Oil Report Analysis | Fundamental Analytics

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Supply Cuts And US Crude Oil Stocks Drawdown

Crude oil prices have rebounded as OPEC and Russia appear to be agreeing on deeper cuts in production Prices were future supported by the latest DOE report showing that crude oil stocks drew greater than expected. 

The DOE reported Total Crude Oil Inventories decreased by 4.9 million barrels to 447.1 million barrels for the week ending November 29, 2019, while the expectations average was for a 1.8 million barrel draw.  


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  • Total Crude Oil Inventories decreased by 4.9 million barrels to 447.1 million barrels
  • Total hydrocarbon supplies decreased by 4.9 million barrels to 1,264 million barrels
  • Crude Oil Production was unchanged at 12.9 million barrels per day
  • Total Crude Imports decreased by 200,000 barrels per day to 6.0 million barrels per day
  • Total Crude Exports decreased by 345,000 barrels per day to 3.1 million barrels per day

 

Total hydrocarbon supplies decreased by 4.9 million barrels to 1,264 million barrels. 

Crude Oil Production was unchanged at 12.9 million barrels per day.

Total Crude Imports decreased by 200,000 barrels per day to 6.0 million barrels per day.