Oil Falls on Rising US Gas Supplies

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U.S. gasoline stockpiles built sharply during the latest reference week, resulting in a sharp drop in crude oil inventories.

Brent crude futures were down $1.28 at $61.55 USA a barrel approaching noon ET Wednesday, after reaching a session high of $62.93 US, while USA crude futures dropped $1.33, or 2.2%, to $56.33 U.S.

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Oil prices fell on Wednesday as a surprise drawdown in crude inventories was offset by a sharp buildup in gasoline supply.

USA crude oil imports averaged 7.2 million barrels per day last week-a decrease of 127,000 barrels per day from the previous week.

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China is the second-largest economy in the world behind the United States and data published late Tuesday by the American Petroleum Institute on gasoline inventories suggested "no one traveled on Thanksgiving", Flynn said. The EIA said refineries last week processed 17.2 million barrels of crude per day, producing 9.8 million barrels per day of gasoline, down from 10.2 million bpd in the previous week. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed. Distillate product supplied averaged over 3.9 million barrels a day for the past four weeks, up by 0.6% compared with the same period previous year.

Oil prices were mixed heading into today's data, with WTI down $.02 (-0.03%) at $57.45 at 12:06pm EST, and Brent crude up $0.14 (-0.22%) at $62.59-both benchmarks down from prices just two days before the OPEC meeting last week, despite OPEC's promise to continue the production cuts through the end of 2018. Total volume traded was about 31 percent below the 100-day average. The API report showed an increase of 9.196 million barrels, compared to forecasts of a much smaller 1.145-million-barrel build.

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Exxon Mobil Corp. (NYSE: XOM) traded up less than 0.1%, at $82.90 in a 52-week range of $76.05 to $93.22.

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