The US West Texas Intermediate (WTI), for delivery in February, fell 0.70% to $72.19.
A barrel of Brent crude oil from the North Sea for delivery in March fell 0.84% and closed at $77.59.
Black gold traded in the green for much of the session, still driven by the closure of several deposits in Libya and attacks on ships in the Red Sea.
But the trend reversed after the publication of the weekly report from the US Energy Information Agency, which showed an increase in gasoline reserves of 10.9 million barrels in one week.
Auto fuel inventories have not been this high at this time for five years.
In addition, volumes of refined products delivered to the US market, a figure considered an indicator of domestic demand, plummeted 11% during the week ending December 29.
“The fall in crude oil inventories (-5.5 million barrels)”, which exceeded expectations (3 million), “and the acceleration of refinery activity (93.5% capacity utilization) are were more than offset by this massive increase in refined products,” said Kpler’s Matt Smith.
Source: AFP
