US weekly oil inventories fall, EIA reveals
Updated : 15:54
US crude inventories fell by 2.4 million barrels last week to 485.8 million barrels, official data showed on Wednesday.
The Energy Information Administration said inventories are at the upper limit of the average range for this time of year.
US crude oil imports rose by 755,000 barrels a day to 8.3 million barrels per day in the week ended 2 December.
The data comes a data after the EIA raised its oil output forecast for this year and next amid speculation OPEC’s deal to cut production from January will bolster US shale production.
In its monthly short term energy outlook, the EIA lifted its 2016 forecast to 8.86 million barrels a day from 8.84 million. It increased its domestic output forecast for 2017 to 8.78 million barrels a day from 8.73 million projected in November.
OPEC agreed on 30 November to reduce production by 1.2m barrels a day from 1 January.
At 1549 GMT Brent crude fell 1.5% to $53.08 per barrel and West Texas Intermediate declined 2.1% to $49.84 per barrel.