Crude Prices Keep Declining Despite A Draw in U.S. Inventories

Oil futures recovered from some of their earlier losses on Wednesday following weekly report from the U.S. government that showed a draw in domestic crude inventories.

The U.S. Energy Information Administration on Wednesday reported crude oil inventories of the country fell for a fourth week in a row, retreating by another 2.6 million barrels for the week ended Dec. 9. The EIA’s report has dispelled concerns over rising output from the U.S. on the back on soaring oil price as the API on Tuesday had posted nearly 5 million barrel build expectation.

However, price remained weak as data from the Organization of the Petroleum Exporting Countries and the EIA both showed record output of the group in November.

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