Oil settles lower after US stockpiles rise

Oil drilling rigs

Oil prices erased early gains today, Nov. 20, after weekly US inventory data showed demand for oil fell as refineries cut crude inputs.

Brent crude futures for January 2025 delivery fell 0.7%, or 50 cents, to $72.81 a barrel, after touching $73.94.

WTI crude futures for December delivery (the contract expires today) declined by 0.75%, or 52 cents, to $68.87 a barrel, after touching $70.15.

The Energy Information Administration data revealed that US crude inventories rose by 500,000 barrels during the week ended Nov. 15, contrary to expectations of a decrease of 800,000 barrels, with refinery inputs of crude oil declining by 281,000 barrels per day from the average of the previous week.

The weekly report showed that oil demand—measured by finished products supplied to the market—fell nearly 1.8 million barrels per day to 19.8 million barrels per day, with oil production falling to 13.2 million barrels per day from 13.4 million barrels per day.