Crude oil futures chop down Friday, projecting a weekly decline amid concern that OPEC will curtail supplies. WTI light sweet crude oil was down 1.2%, to end at USD 52.37 per bbl. Prices were down 3% for the biggest weekly decline in two months. A report from the Energy Information Administration indicated a build of 4.1 million barrels in crude oil inventories for January 6 week, immediately after the American Petroleum Institute had projected inventories were 1.5 million barrels higher in the period.
As per Energy Information Administration, commercial crude oil inventories starting January 6, stood at 483.1 million barrels, within seasonal limits, near the upper end. Refineries operated at 93.6 percent capacity, processing 17.1 million barrels of crude and generating 9.7 million barrels of gasoline and 5.3 million barrels of distillate daily. Gasoline inventories for the period were 5 million barrels higher than in the preceding week, after an 8.3 million-barrel build in the last week of 2016.