Prices fell slightly on Wednesday, as an industry survey showed that crude inventories in the U.S. rose, confirming concerns about a glut in the market.
Tuesday’s price rise was due to a tight diesel market as Russia cut diesel exports
U.S. crude inventories rose by 4.45 million barrels for the week ended Nov. 14. Gasoline inventories rose by 1.55 million barrels and distillate inventories by 5.77 million barrels. Diesel yields in Europe rose as Ukraine attacked Russian energy and ports. On Tuesday, these yields reached their highest level since September 2023. Global refining yields also rose similarly.
Official U.S. government stockpile data will be released on Wednesday. Earlier, a Reuters poll of eight experts had predicted that oil inventories would fall by an average of 600,000 barrels in the week ending November 14.
