The cost of crude oil benchmarks started going up on Thursday, after a fall on the news about increase in U.S. gasoline stockpiles
February Brent futures were 23 cents or 0.38 % up, at 62.6 on Thursday morning. At the end of London ICE Futures trading session on Wednesday evening, the contracts price went down by 1.64 dollar or 2.61%, to $61.22 a barrel. Previous Brent trading was closed at the lowest price since November 2nd.
January WTI futures were 17 cents or 0.3% up, at 56.13 on Thursday morning. The contract price went down by 1.6 dollar or 2.88%, to $55.96 a barrel at the end of NYMEX trading session on Wednesday evening. Previous WTI trading was closed at the lowest price since November 16th.
According to U.S. Energy Information Administration, crude oil inventories in the country dropped down by 5.61 million barrels for week ended December 2. However, gasoline stock increased by 6.78 million barrels against expected 2.7 million barrels.
According to senior market analyst at Price Futures Group Phil Flynn, gasoline production in oil refineries really exceeded the demand and approached the high of 9.758 million barrels per day, when compared to a daily demand of 8.895 million bpd last week.