US crude inventories declined last week, while gasoline and distillate stockpiles posted larger-than-expected builds as refinery activity increased, data from the Energy Information Administration (EIA) showed on Wednesday 17 December.
Crude oil futures extended losses on Tuesday, settling at their lowest levels since February 2021, as the potential de-escalation of the Russia-Ukraine conflict and weak Chinese economic data amplified fears of a looming global supply glut.