Oil prices tumble amid USA inventory data

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Oil futures rose on Wednesday as USA crude stockpiles fell last week, countering doubts about Russia's willingness to extend substantially a deal among exporters to curb output.

Gasoline futures ended near the day's lows following a bigger-than-expected rise in US supplies of the fuel.

The market also responded positively to news that Kuwait's oil minister said a key committee recommended the Organization of the Petroleum Exporting Countries extend its supply-cut agreement by nine months.

Brent crude futures fell by 0.69 percent to $63.17 per barrel, meanwhile U.S. West Texas Intermediate (WTI) crude futures dropped by 0.31 percent to $57.68 per barrel.

At the Multi Commodity Exchange, crude oil for delivery in January was trading down by Rs 21, or 0.56 per cent at Rs 3,731 per barrel in 88 lots. Visit MarketWatch.com for more information on this news.

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Iraqi Oil Minister Jabbar al-Luaibi expects the oil-producing countries participating in the OPEC + agreement will decide to extend it.

USA crude inventories fell by 3.4 million barrels last week to 453.7 million, exceeding market expectations, the Energy Information Administration (EIA) said in its weekly report Wednesday. Distillate inventories, which include diesel and heating oil, rose 2.7 million barrels, versus expectations for a 230,000-barrel increase, the EIA data showed. That was a bit higher than the forecast for a decline of 3 million barrels from analysts surveyed by S&P Global Platts.

OPEC members chose to cut production by 1.2 million barrels per day.

Gasoline stocks rose by 3.6 million barrels, compared with analysts' expectations in an economist poll for a 1.2-million-barrel gain. Refinery utilization rates rose by 1.3 percentage points.

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