Cushing inventories were also down 462,000 barrels, for the week ended August 18. Gasoline inventories rose significantly, up 1.402 million barrels, while distillates were up 2.048 million barrels. At 4:42 pm EST, right after the API data release, WTI was at $47.68, while Brent was trading at $51.69. On Friday, crude oil prices had spiked following a report indicating a decline in U.S. E&P activity. At the same time, this was followed by Australian mining giant BHP Billiton’s announcement that it would be exiting U.S. shale entirely. Also weighing in on oil prices this week so far has been news that OPEC’s November meeting would discuss the fate of the current agreement–whether it would extend the cuts further or decide to terminate it. “At our next meeting at the end of November…the most important items will concern the fate of the agreement to extend or terminate the production cut,” […]