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Oil Prices: Prices fell despite a bigger-than-expected draw in US oil stockpiles and weak US shale output that indicated tight crude supply for the rest of 2023.
Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures. Analysts in a Reuters poll had expected a 2.2 million-barrel decline.
That move comes as U.S. oil output from its top shale-producing regions is on track to fall to 9.393 million bpd in October, the lowest since May 2023, and after Saudi Arabia and Russia extended combined supply cuts of 1.3 million bpd to the end of the year.
U.S., Canadian Gas Processors Expand as Shale Output Soars
Rising coronavirus cases and chances of US drillers boosting shale output also cloud sentiment