Highlights US crude, oil products inventories decline US crude production hits 2021 high, more growth expected Crude oil futures extended their rally Dec. 29 on a rollercoaster day for prices after the US government data showed falling inventories of crude and refined products.

The mixed bag day for prices saw oil futures start out with a decline and then spike on the US Energy Information Administration’s inventories report. Prices then dipped again only to rebound later in the day. NYMEX February WTI increased 58 cents to settle at $76.56/b, and ICE February Brent rose 29 cents to settle at $79.23/b, after crossing the $80/b threshold earlier in the trading day. NYMEX January RBOB jumped 2.46 cents to settle at $2.2717/gal, and January ultra low sulfur diesel climbed 64 points at $2.3778/gal. US crude oil inventory […]