Nymex crude continues its decline on rise in stockpiles

Crude oil futures continued their decline on Wednesday despite an early gain. Trade was mostly affected by the Energy Information Administration (EIA) report that showed US crude oil stockpiles to have risen more than expected last week. In early deals there was some strength on speculation the OPEC may agree to a cut in crude production at its meeting next week, in an effort to contain the price slide. Meanwhile, EIA reported that crude oil inventories increased by 2.6 million barrels in the week ended November 14. Gasoline stocks rose 1.0 million barrels last week, while Inventories of distillate, including heating fuel, dropped 2.1 million barrels last week. The EIA report showed US crude oil inventories at 381.1 million barrels, end last week. Benchmark crude oil futures for January delivery declined by $0.14 or 0.2 percent to close at $74.50 a barrel after trading in a range of $75.42 and $73.92 a barrel on the New York Mercantile Exchange. In London, Brent oil for January delivery gained 24 cents or 0.31% to $78.72 a barrel on the ICE.