Oil prices continued to decline on Wednesday morning, supported by data released from an industry body that indicated an increase in US crude inventories. Brent <LCOc1> was trading at $68.47 /bbl as of 9:10 AM UKT, down by 0.80% from the previous settle. Meanwhile, WTI <CLc1> was standing at $63.99/bbl at the same time, down by 0.79%.
Based on Thomson Reuters Weekly Crude Report crude oil stocks fell by 2.16 million bbl for the week ending January 26th, to a total of 410,308 million bbl. US weekly crude oil imports declined w-o-w to 7.3 million b/d, while US weekly crude production is expected to be 9.9 million b/d.
In addition, daily refinery input is expected to have fallen w-o-w to 15.96 million bpd, a decrease of 0.52 million bpd compared to the previous week. While, crude oil exports from the U.S are expected to have risen to 1.5 million bpd, an increase of 97,989 w-o-w.
Crude oil exports from the Arab Gulf declined to 123.26 million bbl last week, a drop of 1.9 million bbl w-o-w. Iran and the UAE had a drop in weekly volumes which was partly offset by other Middle-East exporters.
The Oil Research Team
Supply Chain & Commodities Research