Crude oil futures settle higher on the first trading day of the year amid some optimism about the outlook for the Chinese economy, while outsized U.S. product inventory builds looked bearish.
U.S. crude stocks fell by a smaller-than-expected 1.2 million barrels, gasoline stocks rose by 7.7 million barrels, and distillate fuel inventories increased by 6.4 million barrels, according to the EIA.
“Expectations for a big end-of-year draw in crude oil as producers and storage operators scramble to empty the tanks ahead of tax season did not pan out,” Mizuho’s Robert Yawger says in a note. “Of course, there is always next week, which will be the last report of the year.”
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