API reports dip in U.S. oil inventories

B.C Budget 2018 Natural gas royalties forecast to jump 57.9% in 2018 Pipeline News North

B.C Budget 2018 Natural gas royalties forecast to jump 57.9% in 2018 Pipeline News North

West Texas Intermediate crude futures ended Wednesday's session down 11 cents, at $61.68 a barrel.

Oil prices rose to two-week highs on Thursday, boosted by data showing a surprise draw in USA crude inventories and also by a drop in the dollar. It hit a two-week peak at $66.56.

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At 420.5 million barrels, the EIA said, crude oil inventories are in the lower half of the seasonal average, which should stimulate optimism despite a consistent growth in production in the shale patch and upcoming refinery maintenance season that will certainly affect inventories.

USA crude inventories USOILC=ECI unexpectedly fell 1.6 million barrels last week as net imports dropped to a record low and exports surged, while inventories declined further at the key storage hub in Cushing, Oklahoma, according to data from the Energy Information Administration (EIA).

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Crude inventories fell by 1.6 million barrels in the week to February 16, compared with analysts' expectations for an increase of 1.8 million barrels. Weekly U.S. production fell by 1,000 barrels from a record high.

Gasoline stockpiles rose by 300,000 barrels, and stocks of distillates declined by 2.4 million barrels. The supercarriers can ship around 2 million barrels of oil.

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The dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve´s January meeting showed policymakers were more confident of the need to keep raising interest rates.

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