US crude oil inventories decline, say API

The American Petroleum Institute (API) reported on Tuesday a decline of 998,000 barrels in the US crude oil inventories to 447.2 million for the week ending Feb. 8.

In the previous week ending Feb. 1, it had reported a build of 2.514 million barrels.

In the latest short-term energy outlook, US Energy Information Administration (EIA) said US crude oil prices will fall as oil production will grow in 2019 and 2020.

According to EIA, Brent crude oil spot prices will average $61 per barrel in 2019 and $62 per barrel in 2020, compared with an average of $71 per barrel in 2018.

US crude oil production averaged 12 million barrels per day (mbd) in January 2019, up 90,000 barrels per day from December 2018.

EIA expects crude oil production to average 12.4 mbd in 2019 and 13.2 mbd in 2020, with most of the growth coming from the Permian region.