Investing.com - Crude oil prices traded flat to weaker in Asia on Thursday as the market dissected official U.S. data that revealed gasoline and diesel inventories rose more than expected despite a drop in crude stockpiles.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD97.41 a barrel during U.S. trading, down 0.04%, after hitting an overnight session low of USD97.63 and a high of USD98.75.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 10.59 million barrels in the week ended Dec. 6, well beyond expectations for a decline of 2.95 million barrels, due in part to a drop in imports.
Total U.S. crude oil inventories stood at 375.2 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 6.72 million barrels, compared to expectations for a gain of 1.79 million barrels, which sent crude futures falling.
Some investors however said the drop in crude stocks could be attributed to not only weaker imports on bad weather, but also on efforts by companies to cut inventories at the end of the year for tax reasons.
On the ICE Futures Exchange, Brent crude futures ended up 0.3% to $109.70 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD97.41 a barrel during U.S. trading, down 0.04%, after hitting an overnight session low of USD97.63 and a high of USD98.75.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 10.59 million barrels in the week ended Dec. 6, well beyond expectations for a decline of 2.95 million barrels, due in part to a drop in imports.
Total U.S. crude oil inventories stood at 375.2 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 6.72 million barrels, compared to expectations for a gain of 1.79 million barrels, which sent crude futures falling.
Some investors however said the drop in crude stocks could be attributed to not only weaker imports on bad weather, but also on efforts by companies to cut inventories at the end of the year for tax reasons.
On the ICE Futures Exchange, Brent crude futures ended up 0.3% to $109.70 a barrel.