Breaking News: U.S. Crude Oil Futures Rise After API Reports Larger-Than-Expected Decline in Stocks
In a surprising turn of events, U.S. crude oil futures saw a slight increase in post-settlement trading on Wednesday following the release of a report by the American Petroleum Institute (API). The report revealed a significant decrease in weekly domestic crude stocks, exceeding economists’ expectations.
The U.S. benchmark traded at $69.30 a barrel after settling down at $69.20 a barrel earlier in the day. The API reported a decrease of 7.4 million barrels for the week ended Aug. 30, far surpassing the 3.4 million barrel decline from the previous week. Economists had only anticipated a modest decrease of 900,000 barrels.
Additionally, gasoline stockpiles fell by 300,000 barrels, while distillate inventories, which include diesel and heating oil, dropped by 400,000 barrels. The market eagerly awaits the official report, scheduled for release on Thursday at 10:30 a.m. EST (1530 GMT).
This unexpected turn of events in the oil market could have significant implications for investors and consumers alike. Stay tuned for more updates as the situation unfolds.
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