Slump in Crude Oil Inventories and Production Disruptions Weighing on Crude Oil Prices

Supply disruption in parts of the world and lower inventories weighs high on oil prices

U.S. crude stockpiles fell less than expected just as supply disruption have provided a respite somewhat from concerns about omicron led supply and demand imbalances.

West Texas Intermediate (WTI) trading at $75.94 down by 0.05% whereas Brent $79.02 up by 0.10%.

Earlier on Tuesday oil prices ended higher as traders weigh production disruptions across Ecuador, Libya and Nigeria, according to a Reuters report.

Private data by API shows U.S. crude inventories fell by 3.1 million barrels for the week ended December 24, compared to a draw of 3.7 million barrels reported by API in the previous week.

API data shows gasoline inventories rose by 319,000 barrels last week and distillate stocks decreased by 716,000 barrels.

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