Crude prices rebounded strongly in Asia in early morning as industry data showed a drop in U.S. stockpiles last week. Inventories dropped by 482,000 barrels through Nov. 13, the American Petroleum Institute said in its report. Energy Information Administration data Wednesday will probably show supplies expanded by 2 million barrels for an eighth weekly gain, according to a Bloomberg survey. Last week supply levels increased for the seventh straight week pushing crude inventories near their highest levels in at least 80 years.
As per the weekly expectations of DOE, the weekly inventory levels are expected to come down in all the segments viz, crude, gasoline and distillate. Also the reduction of refinery utilization rate is pointing towards a lower number.
Read more here- Economic Data Release
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