Oil prices fell significantly on Tuesday, but paused their slide after the API reported a small draw in crude stocks and distillates
Source: oilprice.com
Oil prices stabilized on Tuesday after falling for seven consecutive weeks. U.S. crude oil inventories witnessed a surprise draw of 1.545 million barrels for the week ending November 16, as per the American Petroleum Institute (API). This is the first weekly draw after six weeks of straight builds and was contrary to analysts’ expectations for a build of 2.941 million barrels. Another reason oil prices stabilized was on expectations that OPEC will soon cut production to prevent oversupply amid slowing demand growth and booming output from the U.S.
