The latest weekly report delivered by the US Energy Information Administration showed crude oil inventories in the country dipping by 2.435 million barrels last week, topping the 1.800 million barrel drawdown anticipated by analysts surveyed in a Reuters poll.
However, the figure came in short of the 5.10 million barrel contraction reported by the American Petroleum Institute late on Tuesday. Oil has been rallying in recent weeks, buoyed by signs that the Organization of the Petroleum Exporting Countries and a group of non-cartel member led by Russia will likely continue its output curb through 2018 during a meeting in Vienna scheduled for November 30th. US crude futures for December delivery climbed to as high as $55.21 a barrel in early Wednesday trade before ending the session substantially lower at $54.28 a barrel. Prices have recouped some of those losses on Thursday with futures last seen trending near $54.30 a barrel.