Oil Extends Decline as Fuel Inventories Unexpectedly Increased

Total crude oil and petroleum products stocks plummeted -5.31 mmb to 1106.10 mmb in the week ended December 3. Crude oil inventory fell -3.82 mmb, compared with consensus of a -1.40 mmb drop, to 355.87 mmb as stockpile declined in all 5 PADDs. Utilization rate soared +4.9% to 87.5%.

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Oil Extends Decline as Fuel Inventories Unexpectedly Increased