NEW YORK, Nov. 14 (Xinhua) -- Oil prices pulled back on Thursday after data showed a hefty weekly rise in U.S. crude stocks.
U.S. crude oil inventories increased during the week ending Nov. 8, the U.S. Energy Information Administration (EIA) said in a report on Thursday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.2 million barrels from the previous week, beating analysts' expectations.
At 449.0 million barrels, U.S. crude oil inventories were about 3 percent above the five-year average for this time of year.
In its latest Short-Term Energy Outlook released on Wednesday, EIA expected U.S. total crude oil and petroleum products net exports to average 750,000 barrels per day (b/d) in 2020 compared with average net imports of 520,000 b/d in 2019.
The West Texas Intermediate (WTI) for December delivery decreased 0.35 U.S. dollar to settle at 56.77 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery dipped 0.09 dollar to close at 62.28 dollars a barrel on the London ICE Futures Exchange. Enditem
