(raw materials / closing price /% change)

Oil 49.84 +0.14%

Gold 1,175.50 -0.17%

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.4 million barrels from the previous week. At 485.8 million barrels, U.S. crude oil inventories are at upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 3.4 million barrels last week, and are well above the upper limit of the average range. Both Finished gasoline inventories and blending components inventories increased last week.

Distillate fuel inventories increased by 2.5 million barrels last week and are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 1.5 million barrels last week but are near the upper limit of the average range. Total commercial petroleum inventories increased by 1.4 million barrels last week.

This morning, the New York futures for Brent have fallen in price by 0.61% to $ 53.6 and WTI fell 0.69% to $ 50.58 per barrel. Thus, the black gold is trading in the continued negative correction after the recent rally. The reason for the decrease was the skepticism regarding the willingness of market participants, OPEC and other major oil producers countries to implement plans to limit the growth of oil production.

Also yesterday, it was reported that US crude inventories fell more than expected. According to API, crude oil inventories fell by 2.2 million barrels to 485.4 million in the week ended Dec. 2, while analysts had expected that they will fall by 1 million barrels.

This morning it was announced that the oil giant Saudi Arabia has decided to reduce the price of January contracts of its oil at $ 1.20 a barrel to its lowest level in four months. Therefore, the company is taking steps to preserve its market share. Recall that the December Aramco contracts were $ 0.75 per barrel.