API: A slight decline in crude inventories failed to boost oil prices

According to today's oil price website on November 30, the American Petroleum Institute (API) reported a decline
in crude oil inventories.

This week, API expects crude inventories to fall by 747,000 barrels
.

U.
S.
crude inventories have fallen by about 57 million barrels
since the beginning of the year.

Analysts expect a decline
of 1.
667 million barrels this week.

The week before, API said crude inventories had increased by 2.
307 million barrels, compared with analysts' previous forecasts of a decline of 950,000 barrels
.

Oil prices had been falling sharply on Tuesday ahead of the data's release on fears that a new coronavirus variant would once again weaken oil demand
.

As of 3 p.
m.
ET, WTI was down more than 5 percent at $66.
28 a barrel, down more than $11 since this time last week
.
Brent crude fell nearly 4 percent to $70.
57 a barrel, down nearly $12 for the week
.

Overall, oil prices will fall 20%
in November.

U.
S.
oil production rose 100,000 b/d to 11.
5 million b/d
in the week ended Nov.
19, according to data provided by the U.
S.
Energy Information Administration (EIA).
November's plunge in oil prices did little to encourage the U.
S.
oil industry to invest more and restore production to pre-pandemic levels of 13.
1 million b/d
.

The American Petroleum Institute reported that gasoline inventories increased by 2.
2 million barrels
in the week ending Nov.
26 after a 600,000-barrel increase last week.

Distillate inventories increased by 800,000 barrels this week, following a decrease of 1.
5 million barrels
last week.
This week, Cushing inventories rose by 1 million barrels
.