Prices for oil benchmarks, after a surge on Wednesday, started to draw down. The rise was due to the data on the decline in U.S. oil inventories.
January Brent futures were 17 cents or 0.26 % down, at 63.15 on Tuesday morning. At the end of ICE Futures trading session on Wednesday evening, the contracts price went up by 75 cents or 1.2 %, to $63.32 a barrel.
January WTI futures were 14 cents or 0.24% down, at 57.88 on Tuesday morning. The contract price went down up by $1.19 or 2.09%, to $58.02 a barrel at the end of NYMEX trading session on Tuesday evening.
Oil trading volume is expected to decrease due to the Thanksgiving celebration in the USA, which is a public holiday.
On Wednesday afternoon, The U.S. Energy Information Administration reported a decline in crude oil inventories of 1.86 million barrels. Remember, that analysts expected a drop by 2.1 million barrels. However, a slight divergence between the expectations and the reality is insignificant, as it the first cut in U.S. oil inventories for the last three weeks.