Crude Oil Tumbles Despite EIA Inventories Draw

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On the New York Mercantile Exchange, light sweet crude futures for delivery in Septembe r CLU7, +0.50% was recently up 0.4% at $47.74 a barrel in the Globex electronic session.

Analysts polled by S&P Global Platts expect the EIA report to show that crude supplies fell 3.6 million barrels for the week ended August 11.

EIA also said refinery crude runs fell by 9,000 barrels per day.

Refinery inputs averaged 17.6 million barrels per day (MMBPD) for the week ended August 11, down 9,000 BPD from the previous week's average.

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Crude oil prices settled sharply lower in futures market on Wednesday after the Energy Information Administration report revealed a weekly climb in domestic production to the highest level in over two years.

United States gasoline stockpiles rose by 301,000 barrels last week, the API reported.

Oil prices edged up on Wednesday, lifted by declining USA crude inventories, although markets were still restrained by general oversupply.

Brent for October settlement gained 36c, or 0.7%, to $51.16 a barrel on the London-based ICE Futures Europe exchange.

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Gasoline stocks were unchanged, compared with analysts' expectations for a 1.1-million-barrel drop. The jump in the spread could have resulted from the reduced global crude oil supply.

The 21st Century Cures Act, signed into law last year, requires the Energy Department sell a total of 25 million barrels of crude oil from the SPR starting this year.

Whatever effect the EIA's figures have on prices is bound to be short-lived as oil's fundamentals remain largely unchanged, with rising USA shale output offsetting OPEC's and its partners' cuts that should together take off 1.8 million bpd from global supply.

"The rise in crude production continues to happen", said Gene McGillian, director of market research at Tradition Energy.

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