Oil prices continue to decline

US Crude Oil Production Will Crude Oil Futures Collapse

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 3.4 million barrels for the week ended November 24.

Stocks of gasoline and distillates rose more than anticipated.

Brent crude futures fell by 0.69 percent to $63.17 per barrel, meanwhile U.S. West Texas Intermediate (WTI) crude futures dropped by 0.31 percent to $57.68 per barrel.

Marketmen said trading sentiment dampened after oil prices eased in global market, weighed down by uncertainty over the outcome of an OPEC meeting this week at which an extension to its price-supporting oil output cuts will be discussed.

Iraqi Oil Minister Jabbar al-Luaibi expects the oil-producing countries participating in the OPEC + agreement will decide to extend it.

Year's brightest supermoon coming to OR skies Sunday night
The moon will still be super-sized when it becomes visible that evening and will officially reach its perigee at 3:45 a.m. Wellington: In New Zealand's capital Wellington city, the full moon will be observed at 4:46 am local time on December 4.

The producers are expected to extend a production-cap agreement due to end in March, but the length of the extension has been a key question.

Data released Wednesday by the U.S. Energy Information Administration revealed U.S. commercial crude inventories dropped by 3.4 million barrels, versus expectations for a 2.3-million-barrel drawdown.

Gasoline inventories, according to the API, saw a draw this week, of 1.529 million barrels for the week ending November 24, compared to forecasts of a 1.17-million-barrel build.

"A continued rise in US oil output not only contradicts the supply/demand argument behind the recent oil rally, but it also damages global producer sentiment as "OPEC and friends" are actively forfeiting market share with every weekly increase in USA output", said Tyler Richey, co-editor of the Sevens Report.

Analysts on average forecast a decrease in oil reserves by 3 million barrels, as well as an increase in distillate stocks by only 160,000 barrels. Refinery utilization rates rose by 1.3 percentage points.

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