Oil price are unlikely to move significantly on news from World Climate Change Conference at Paris since there no immediate action to reduce demand and current oversupply is drowning out other market signal.
The Energy Information Administration reported that crude stockpiles fell by 3.6 million barrels last week, a surprise compared to expectations of a 252,000-barrel rise. The EIA data confirmed the American Petroleum Institute's earlier report that crude inventories fell by 1.9 million barrels. Crude prices jumped as high as $38.99 a barrel, up from $37.51 on Tue., but they quickly reversed lower.
