Crude oil closes: inventories fall crude hits one-year high But fell sharply again this month

News on December 1, US dollar crude oil inventory data fell for three consecutive weeks, while investors weighed demand expectations and OPEC+ production reduction expectations, crude oil futures closed higher and hit a one-year high; But it still recorded a decline this month, the fifth monthly decline
in six months.

January futures for West Texas Intermediate crude on the New York Mercantile Exchange rose $2.
35, or 3 percent, to settle at $80.
55 a barrel, the highest level
since Nov.
22, Dow Jones market data showed.
The previous month's benchmark price fell 6.
9%
in the month.
ICE European futures for January global benchmark Brent crude futures rose $2.
40, or 2.
9 percent
, to settle at $85.
43 a barrel.
The contract's price expired at the end of the trading day, down 9.
9%
for the month.
Brent crude futures, the most actively traded February, rose 3.
2 percent to $
86.
97 a barrel.

On the New York Mercantile Exchange, gasoline rose 3.
7 percent to $2.
4185 a gallon in December, down about 14 percent for the month, and heating oil rose 2 percent to $3.
3629 a gallon in December, but fell nearly 20 percent
for the month.
The December contract expires
at the end of the trading day.
Natural gas closed down 4.
2 percent at $6.
93 per million British thermal units in January, but rose about 9 percent
for the month.

The U.
S.
Energy Information Administration reported on Wednesday that U.
S.
crude inventories fell by 12.
6 million barrels
in the week ended Nov.
25.
This follows two consecutive weeks of declines
.

According to a survey conducted by S&P Global Commodity Insights, analysts expect crude oil production to fall by an average of 4.
4 million barrels
.
The American Petroleum Institute said late Tuesday that U.
S.
crude inventories fell by 7.
9 million barrels
last week, according to news reports.

INTL FCStone energy analyst Hodes said in a note on Wednesday that crude oil exports reached nearly 35 million barrels this week, and crude and refined products exports reached an all-time high
of 11.
8 million barrels per day.
The EIA also reported an increase of 2.
8 million barrels in gasoline and 3.
5 million barrels in distillate inventories
.
The S&P Global Commodity Insights survey had expected gasoline prices to rise by 600,000 barrels and distillate prices by 800,000 barrels
.

Crude oil inventories
in Cushing, Oklahoma.
The New York Mercantile Exchange delivery center fell by 400,000 barrels this week, while Strategic Petroleum Reserve inventories fell by 1.
4 million barrels
, the EIA said.

Traders are also eyeing the December 4 meeting
of the Organization of the Petroleum Exporting Countries (OPEC+) and its allies.
On Tuesday, it was reported that OPEC+ would be holding a virtual meeting on Sunday instead of meeting in person
.
Helima Croft, head of global commodity strategy and Middle East and North Africa research at RBC Capital Markets, wrote in a note on Tuesday: "Choosing to go unobtrusive appears to increase the likelihood of
a deferred decision.
"

Taylor, co-editor of Sevens Report Research? Ritchie said oil prices fell that month as "uncertainty became a major factor affecting futures prices.
"

Ritchie said last week's release of much weaker-than-expected U.
S.
economic data "dispelled fears of
a deep and painful recession ahead.
" WTI then fell briefly intraday on Monday, to its lowest level since December, and Brent hit its lowest level
since January.

He said WTI is currently holding a "long-term range" of $76-$93, with traders assessing "unstable fundamentals against a backdrop"
as the market begins in the last month of the year.