WASHINGTON (dpa-AFX) - Oil prices fell on Thursday after data showed crude inventories in the U.S. fell less than expected in the week ended January 17th. U.S. President Donald Trump's comments that he will ask Saudi Arabia and other Opec nations to reduce oil prices weighed as well.
In his speech at the World Economic Forum in Davos, Trump said he would ask Saudi Arabia and other Opec nations to 'bring down the cost of oil.'
West Texas Intermediate Crude oil futures for March closed down $0.82 or about 1.1% at $74.62 a barrel.
Brent crude futures settled at $78.29 a barrel, down $0.71 or about 0.9%.
Data released by the Energy Information Administration (EIA) said crude oil inventories in the U.S. dipped by 1.0 million barrels in the week ended January 17th, after falling by 2.0 million barrels in the previous week. Economists had expected crude oil inventories to decline by 2.1 million barrels.
At 411.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year, the EIA said.
The report said distillate fuel inventories, which include heating oil and diesel, also decreased by 3.1 million barrels last week and are about 6% below the five-year average for this time of year.
Meanwhile, the EIA said gasoline inventories increased by 2.3 million barrels last week but remain 1% below the five-year average for this time of year.
Also traders expect oil production to increase after U.S. President Donald Trump brought back the rallying cry, 'Drill, baby, drill,' a phrase emblematic of his commitment to expanding domestic oil and gas production.
The slogan underscores Trump's vision of strengthening U.S. energy independence and driving down costs for consumers.
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