Brent crude closes below $73

Oil drilling rigs

Oil prices erased early gains today, Nov. 27, after weekly US inventory data showed production rose as imports fell.

Brent crude futures for January 2025 delivery settled at $72.83 per barrel, after touching $73.37.

WTI crude futures for January 2025 delivery were almost unchanged, ending daily trading at $68.72 per barrel, down from intra-day high of $69.37.

The Energy Information Administration data revealed that US crude inventories decreased by 1.8 million barrels during the week ended Nov. 22, with gasoline and distillate inventories rising by about 3.3 million and 400,000 barrels, respectively.

The weekly report showed that US crude production rose by 292,000 barrels to 13.5 million barrels per day, recovering from the decline it witnessed in the previous two weeks due to the Gulf of Mexico hurricane, and crude imports fell by 1.6 million barrels to 6.1 million barrels per day.