Muted demand drags down crude palm oil futures by 0.13%

A Permian Basin oil rig in Andrews County Texas

That put total inventories at 411.6 million barrels, the lowest since February 2015, according to Reuters. That's helping push up the price of WTI said Phil Flynn, analyst at Price Futures Group in Chicago, "because Cushing is draining like a cheap canoe".

Crude prices rose on the data, with US futures gaining 58 cents to $65.05 a barrel as of 10:59 a.m. EST (1559 GMT), after earlier touching their highest since December 2014, while Brent rose 15 cents to $70.12 a barrel. The contract earlier hit $65.42, the highest level since December 8, 2014, when it touched $65.55 a barrel.

Exports of USA crude have mostly held above 1 million barrels a day since the end of September.

The price for Brent crude oil was up 0.88 percent as of 9:22 a.m. EST to $69.64 per barrel. Demand for stored supplies in the world's biggest economy has been robust at a time of year when it's usually weak because of refinery repairs, all against the backdrop of Opec production curbs.

At the same time, the balance of supply and demand in the oil market is projected to recover in late 2018 - early 2019. Gasoline inventories rose by 4.12 MMbbl, the API said.

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The price of oil continued today to rise and was close to US$70 dollars a barrel, supported by forecasts of global economic expansion and production cuts led by OPEC. Diesel futures rose 2 cents, or 0.96%, to $2.1061 a gallon. The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.

And U.S. producers have pounced on the higher crude prices.

The report was further evidence that production limits by the Organization of the Petroleum Exporting Countries, Russia and several other oil-producing nations are achieving their goal of shrinking stockpiles in developed countries.

"I doubt that they will want to turn the taps back on in January [2019] and flood the market", said Tom Pugh, commodities economist at Capital Economics, adding that he expected a "managed withdrawal".

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan agreed to reduce oil output by 558,000 barrels per day, including Russian Federation by 300,000 barrels per day, starting from January 1, 2017 for six months, extendable for another six months.

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