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Oil settles higher as Saudis reportedly mull cutting exports to US

by ChemOrbis Editorial Team -
  • 14/12/2018 (09:19)
On December 13, crude oil prices jumped on the news that Saudi Arabia is preparing to cut exports to the US in an attempt to curb the build-up in crude oil stockpiles in the country.

Media sources reported that crude shipments from Saudi Arabia to the US fell to a 30-year low in November. In October, the US imported just 525,000 barrels a day of Saudi crude which marked the lowest level seen since May 1987.

Meanwhile, the Energy Information Administration (EIA) reported that crude oil inventories in the US declined by 1.2 million barrels in the week ended December 7.

As a result, West Texas Intermediate for January delivery gained $1.43 to settle at $52.58 on Thursday and the other global benchmark, Brent crude oil futures climbed $1.30 to $61.45 on the same day.
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