Houston Chronicle The nation’s stockpiles of commercial crude oil plunged by 11.5 million barrels last week thanks to record-high crude exports, adding more bullish news to oil prices that already were spiking worldwide amid an escalating U.S. conflict with Iran. The U.S. exported nearly 4.5 million barrels of crude per day last week – easily a new weekly record –
Houston Chronicle Oil briefly touched $61 a barrel for the first time in three months as strengthening outlooks for manufacturing and trade buoyed demand prospects. Futures closed 1.2% higher on Tuesday in New York, just 6 cents shy of the $61 mark, after surpassing it earlier and extending the advance to a fourth straight session. U.S. factory production has rebounded
Source: Reuters (Reuters) – U.S. crude oil stockpiles rose sharply last week as refineries cut output and exports dropped, while refined products extended a multi-week drawdown, the Energy Information Administration said on Wednesday. Crude inventories rose by 7.9 million barrels in the week to Nov. 1, compared with analysts’ expectations in a Reuters poll for an increase of 1.5
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