U.S. gasoline inventories hit lowest level since November 2014

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Last week, the EIA's Petroleum Status Report showed USA exports at an all-time high above 2 million barrels a day.

XAutoplay: On | OffBrent fell 0.4% to $63.47 per barrel.

In parallel, domestic U.S. oil production increased by 67,000 b/d to 9.62m b/d.

According to the source, the price for December Futures WTI oil reduced by 0,37%, totalling to $56,99 per barrel on the New York Mercantile Exchange (NYMEX). "We're on our way to set record crude oil production in 2018", said Andrew Lipow, president of Lipow Oil Associates in Houston.

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To be sure, the weekly figures are subject to revision, but the latest data adds to signs of stubbornly high USA output and are likely to weigh on markets.

Gasoline inventories fell by 3.3 MMBBL this week, falling to 209.5 MMBBL.

Overall petroleum stocks fell by 9.1 million barrels led by a 3.3 million barrel dip in gasoline inventories and a 3.4 million barrel decline in distillate fuel oil used to make diesel and heating oils.

US distillate inventories fell to 125.6 million barrels, the lowest weekly figure since February 2015, EIA data showed. Refining capacity utilisation increased by 1.5 percentage points from the previous week to 89.6%. Stocks in the Midwest dropped to the lowest since November, 2014.

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