Oil & Gas

U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecast, the Energy Information Administration said on Wednesday.

U.S. crude inventories rose last week, boosted by another jump in production to a new record, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday.

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns.

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Saudi Aramco signed a 20-year agreement to buy liquefied natural gas (LNG) from a forthcoming export terminal in Texas that U.S.-based Sempra Energy is developing, the two companies said on Wednesday.

Oil prices on Friday, Nov. 23, reached low levels not seen since October 2017 as waivers on Iran sanctions and rising production from Saudi Arabia and Russia support a surplus scenario.

The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.

The U.S. expects domestic oil production to reach new heights this year and next, and that prices – for both crude and gasoline – will be lower than they were in 2018.