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Oil inventories fall by more than expected 2.5M barrels last week: API
Oil inventories fall by more than expected 2.5M barrels last week: API By Investing.com
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AuthorYasin EbrahimCommodities
Published Jan 30, 2024 05:03PM ET
© Reuters
Investing.com — U.S. crude stockpiles fell much more than expected last week, the API reported Tuesday, just as markets brace for the U.S. response to a deadly drone on its forces earlier this week.
Crude Oil WTI Futures, the U.S. benchmark, traded at $77.78 a barrel following the report after settling up 1.4%% at $77.82 a barrel.
U.S. crude inventories fell by about 2.5 million barrels for the week ended Jan. 26, compared with a draw of about 6.7M barrels reported by the API for the previous week. Economists were expecting a decline of about 867,000 barrels.
The fall in supplies come as concerns about disruptions to global inventories from rising geopolitical tensions remain front and center after U.S. President Joe Biden said he has made a decision about how to respond to the deadly drone attack in Jordan.
The API data also showed that gasoline inventories increased by 600,000 barrels last week, while distillate stocks fell by 2.1M barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 867,000 barrels last week.
Oil inventories fall by more than expected 2.5M barrels last week: API
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