Crude oil inventories and imports in the U.S. declined for the week ending Nov. 18, according to the U.S.' Energy Information Administration on Wednesday.
Stocks of crude oil decreased by 1.3 million barrels, or 0.3 percent, to 489 million barrels, during that period, the EIA figures revealed.
"Last week’s fall in crude stocks was driven by a sharp reduction in net imports," Thomas Pugh, a commodities economist at London-based Capital Economics, said.
The U.S.' crude imports declined by 845 thousand barrels per day (bpd) to 7.58 million bpd for the week ending Nov. 18, according to the EIA.
Oil production in the country rose slightly, by 9 thousand bpd to 8.69 million bpd, during the same period.
Crude prices rose slightly Wednesday after the decline in weekly inventories. However, the main driver behind the increase in prices is the hope that OPEC will reach a successful deal on Nov. 30 to limit its output to curb global oversupply.
"... all eyes will remain on next week’s OPEC meeting. We are skeptical that the group will be able to come up with much more than a face-saving deal," Pugh said.
"In any case, OPEC has a terrible track record in sticking to its quota and given that any deal is only likely to last for six months it is unlikely to have much impact on global oil inventories," he added.
By Ovunc Kutlu in New York
Anadolu Agency
ovunc.kutlu@aa.com.tr