US crude, petroleum products demand rises in November: EIA

Monthly crude oil field production rose in November to 12.38 million bpd, down from 12.41 million bpd in October, which was a 31-month high, EIA said.
Monthly crude oil field production rose in November to 12.38 million bpd, down from 12.41 million bpd in October, which was a 31-month high, EIA said.
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Updated 31 January 2023
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US crude, petroleum products demand rises in November: EIA

US crude, petroleum products demand rises in November: EIA
  • Oil steadies as dollar retreats

NEW YORK/LONDON: Demand for US crude and petroleum products rose 178,000 barrels per day in November to 20.59 million bpd, the highest since August, according to the US Energy Information Administration Petroleum Supply Monthly report on Tuesday

Demand for finished motor gasoline, rose 21,000 bpd to 8.85 million bpd in November, also its highest since November, EIA said.

Monthly crude oil field production rose in November to 12.38 million bpd, down from 12.41 million bpd in October, which was a 31-month high, EIA said.

Trading

Oil prices steadied after moving close to a three-week low on Tuesday, with US wage growth data and a retreating US dollar bolstering risk sentiment ahead of the meetings of the Organization of the Petroleum Exporting Countries and major central banks.

March Brent crude futures were down 58 cents, or 0.68 percent, at $84.32 a barrel by 1512 GMT. The March contract expires on Tuesday and the more heavily traded April contract rose by 24 cents, or 0.28 percent, to $84.74.

US West Texas Intermediate crude futures were up 22 cents, or 0.28 percent, at $78.12.

Brent and WTI earlier touched their lowest prices in almost three weeks on the prospect of further interest rate increases and abundant flows of Russian crude.

But prices steadied after the US dollar pared early gains, with the resulting improvement in risk sentiment also boosting equity markets, said UBS analyst Giovanni Staunovo.