US Cash Crude-Grades firm as EIA data shows fall in US crude inventories

HOUSTON, Dec 16 (Reuters) - U.S. cash crude grades largely strengthened on Wednesday as EIA data showed a drop in U.S. crude inventories.

Crude inventories dropped by 1.3 million barrels to 424.4 million barrels in the week ended December 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw.

U.S. gasoline stocks added 4.8 million barrels, while distillate stockpiles rose by 1.7 million barrels, the EIA data showed.

Oil prices rallied by more than 1% on Wednesday after U.S. President Donald Trump ordered a blockade of all oil tankers under sanctions entering and leaving Venezuela, raising global political tensions and easing concerns about a swelling surplus of global crude.

Venezuela's state-run oil company PDVSA resumed loading crude and fuel cargoes on Wednesday after suspending operations at terminals on Sunday due to a cyberattack, although most exports remain on hold as the U.S. threatens to enforce a blockade on tankers under sanctions, according to three company sources, traders and shipping data.

• Light Louisiana Sweet firmed $1 for January delivery at a midpoint of a $2.60 premium and was seen bid and offered between a $2.40 and $2.80 a barrel premium to U.S. crude futures CLc1 ​

• Mars Sour traded flat at a midpoint of a parity and was seen bid and offered between a discount of 30 cents​​ and 30-cent a barrel premium to U.S. crude futures CLc1 ​

• WTI Midland rose 80 cents to a midpoint of a 35-cent premium and was seen bid and offered between a 10-cent and 60-cent a barrel premium to U.S. crude futures CLc1 ​

• West Texas Sour rose 20 cents at a midpoint of a $1.75 discount and was seen bid and offered at a discount of between a $2.10 and $1.40 a barrel to U.S. crude futures CLc1 ​

• WTI at East Houston, also known as MEH, traded between a 40-cent and 90-cent a barrel premium to U.S. crude futures CLc1

• ICE Brent LCOc1 crude futures settled at $59.68/bbl, up 76 cents, 1.29%

• WTI January crude CLc1 settled at $55.94/bbl, up 67 cents, 1.21%

• The Brent/WTI spread narrowed 1 cent to last trade at minus $3.87, after hitting a high of minus $3.77 and a low of minus $3.88.