The crude oil price have remained steady after the energy information administration declared an estimate of American petroleum institute (API) draw inventory but it is smaller than American petroleum institute’s (API) 10.18 million barrels. The crude oil inventories have gone down by 1.2 million barrels a week to December 7 reported the authority.
The oil prices are uncooperative moving for very small up and down. This is too little the comfort for those who are anticipating for a higher movement of the prices. People are waiting for the OPEC’S agreement to cut off the oil production in Libya.
Though the actual production of the crude oil is increasing. The real rate will be to the public in some time when EIA will get the production data from the oil production sectors. Analysts are worrying because of OPEC’s result of cutting the oil supplies. The gasoline production has increased in the week when compared to the weeks earlier.
Source : Oil price, Yahoo