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Crude surges more than 1% on stock decline

22-Nov-2017

NYMEX crude rallied more than 1% to trade above $57 per barrel. Crude price is in sight of recent high of $57.92/bbl hit on Nov.8, which was the highest level since mid-2015.

Crude rallied today on API weekly report. API noted a 6.36 million barrels decline in US crude oil stocks as against expectations of 1.4 million barrels decline.

Crude has also benefitted from gains in US equity market. US equity market hit record high level on upbeat economic data and corporate earnings results.

Crude rose also amid reports that Saudi Arabia reduced its crude exports in September to the lowest level since March 2011. OPEC members will now meet on November 30 to discuss extension of their production cut deal which will expire in March 2018.

Crude may hold on to the gains ahead of EIA inventory report later today at 2100 IST. Apart from stock movement, focus will be on US crude production.

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