Oil inventories fall by more than expected 6.4M barrels last week: API
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By Yasin Ebrahim
Investing.com — U.S. crude stockpiles fell sharply last week, but product inventories including gasoline jumped, the API reported Tuesday.
West Texas Intermediate, the U.S. benchmark, traded at $74.36 a barrel following the report after settling down 4.2% at $73.67 a barrel.
U.S. crude inventories fell by 6.4 million barrels for the week ended Dec. 2. That compared with a draw of 3.8M barrels reported by the API for the previous week.
Economists were expecting a draw of 3.9M barrels.
Oil prices started the week on the back foot, falling to their lowest level in nearly a year on Tuesday as concerns about slowing global growth are expected to dampen energy demand.
API data also showed that gasoline inventories increased by about 5.9M barrels last week, and distillate stocks increased by 3.6M barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 3.3M barrels last week.
