The American Petroleum Institute (API) has reported a significant reduction in U.S. crude oil inventories, estimating a draw of 9.3 million barrels for the week ending December 12. This follows a previous week’s draw of 4.8 million barrels. Despite these reductions, the net decrease in U.S. crude oil inventories for the year stands at just 9.2 million barrels, according to calculations by Oilprice. This substantial draw in crude oil stocks contrasts with product builds, highlighting ongoing volatility in the oil markets. Key assets affected include Oil – US Crude and Oil – Brent Crude.
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Over the past month, both Oil – US Crude and Oil – Brent Crude have experienced declines, with price actions of -5.12% and -5.50%, respectively. The 1-day technical analysis signals for both assets indicate a Sell recommendation, reflecting bearish sentiment in the market. These movements suggest that investors remain cautious amid fluctuating inventory levels and broader market uncertainties. Investors can explore more updates, prices, and analysis across global markets at Commodities.